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Ministry of Economy and FinanceDetails on demand composition during the two Phases of the seventh BTP Italia

Press release N° 242 of 10/24/2014

The Ministry of Economy and Finance announces the details regarding the issuance of the seventh BTP Italia, the 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), with 6 year maturity.
During the First Phase of the placement period, dedicated to retail investors, the issuance showed a much more sustained demand on the first day of placement compared to the following two days, in terms of both the number of contracts and the turnover.
The Second Phase, dedicated to institutional investors, that lasted 2 hours during the fourth day of placement, saw a smaller total turnover with respect to the First Phase:

  number of contracts total turnover(€)
First Phase 1st day 50.171 2.955.057.000
First Phase 2nd day 22.172 1.081.347.000
First Phase 3rd day 10.299 536.463.000
Second Phase 4th day (closing at 11 a.m.) 359 2.933.165.000

With reference to the First Phase of the placement period, out of 82,642 contracts 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 50 per cent of them had a size of less than 20,000 euros, while considering contracts up to 50,000 euros, they were around 80 per cent of the total turnover related to that Phase of the placement.
Although the methodology of issuance does not allow to collect precise information about the investors’ characteristics, the data received from Dealers and Co-Dealers show that, during the First Phase, there was an higher share of private banking with respect to individual investors (59 per cent versus 41 per cent).
Within the share allotted to individual investors, requests received through the banking networks at the bank desk are estimated to be about 77 percent, while orders carried out via home banking were around 23 percent, a value substantially in line with previous placements. Looking at the geographical distribution, orders received during the First Phase of the placement were allotted almost entirely to domestic retail investors.
The information collected from Dealers and Co-Dealers, shows that 61 per cent of turnover of the Second Phase was allotted to banks and financial institutions, while asset managers bought around 22 percent. With reference to the turnover of the Second Phase, the share subscribed by insurance companies and corporations was around 17 per cent.
During the Second Phase, the placement of the bond saw a dominant presence of Italian investors, who bought about 96 per cent of it. The rest of the issuance of the Second Phase was allotted to European investors.

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 10/24/2014

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