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- Details on the placement of the fifth 4 year BTP Italia

Press release N° 208 of 11/07/2013

The Ministry of Economy and Finance announces the details regarding the issuance of the fifth BTP Italia, the four-year government bond indexed to Italian inflation (FOI index, ex-tobacco - Indice dei prezzi al consumo per le famiglie di operai e impiegati al netto dei tabacchi).

During the placement period, 299,588 contracts were concluded on the MOT (the Borsa Italiana’s screen-based market for securities and government bonds) through BNP Paribas (Banca Nazionale del Lavoro S.p.A.) and Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A. – Dealers of the transaction. About 46 per cent of the contracts had a size of less than 20,000 euros, while considering contracts up to 50,000 euros, they were around 70 per cent of the total. By raising the threshold to 100,000 euro, contracts were more than 80 per cent.
Looking both at the number of contracts and at the turnover, the issuance showed a much more sustained demand on the first day of placement than on the second day, also due to the early closing set at 2.00 p.m. of this last day:

  number of contracts total turnover(€)
1st day 224.878 16.841.089.000
2nd day (closing at 2.00 p.m.) 74.710 5.430.764.000

However, it should be considered that total number of contracts is affected by the maximum size for each order that for this issuance, differently from the previous ones, has been set at 500,000 euros.
Although the methodology of issuance does not allow to collect precise information about the investors’ characteristics, the feedback received by the Dealers and Co-Dealers of the placement and by other relevant market participants on the MOT shows that there has been a large participation of retail investors, with a balanced presence of individual investors and private banking. As for the two previous issuances, also institutional investors took part to the placement, with a non-negligible role of foreign ones that can be valued in a size non less than 8 per cent of total amount issued.
Retail orders carried out via home-banking represented about 26 per cent of the total requests received through the banking networks, a value substantially in line with previous placements.

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America. The materials do not constitute an offer of securities for sale in the United States. The securities discussed herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “US Securities Act”) and the securities may not be offered or sold in the United States of America absent registration or an exemption from registration as provided in the U.S. Securities Act, and the rules and regulations thereunder. No public offering of securities is being or will be made in the United States of America. Accordingly, the securities are being offered, sold or delivered only to persons outside the United States in offshore transactions in reliance on Regulation S under the US Securities Act.

Rome 11/07/2013