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

Press release N° 106 of 04/18/2014

The Ministry of Economy and Finance announces the details regarding the issuance of the sixth 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 the new 6 year maturity.
During the First Phase of the placement period, dedicated to retail investors, in terms of both the number of contracts and the turnover, the issuance showed a much more sustained demand on the first day of placement compared to the following two days, considering also that during the last day the early closing took place at 2.00 p.m.. The Second Phase, dedicated to institutional investors, that closed in the first 40 minutes after the opening, has necessarily seen a much smaller number of contracts, but a total turnover in line with that of the three days of the First Phase.

    numero di contratti controvalore (€)
First Phase 1st day 110,092 6,721,836,000
First Phase 2nd day 46,837 2,740,870,000
First Phase 3rd day
(closing at 2.00 p.m.)
13,288 605,395,000
Second Phase 4th day
(closing at 9.40 a.m.)
1,054 10,496,468,000

With reference to the First Phase of the placement period, 170,217 contracts were concluded on the MOT (the Borsa Italiana’s screen-based market for securities and government bonds) through Banca IMI S.p.A and UniCredit S.p.A. – Dealers of the transaction, about 50 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 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 feedback received by the Dealers and Co-Dealers of the placement shows that, during the First Phase, there has been a balanced presence of individual investors, classified as natural persons, and private banking.
With respect to the share allotted to individual investors, requests received through the banking networks at the bank desk are estimated to be about 76 percent, while orders carried out via home banking are around 24 percent, a value substantially in line with previous placements. Looking at the geographical distribution of orders received during the First Phase of the placement, about 95 per cent has been allocated to domestic retail investors, while 5 per cent has been placed abroad.
The information collected from Dealer and Co-Dealer of the placement, shows that 55 per cent of turnover of the Second Phase has been allotted to banks, while asset and fund managers has been allocated around 30 percent. Central banks and official institutions has been took part for the 12 per cent while the share allotted to insurance and corporations was around 3 per cent.
In the Second Phase, the placement of the bond has seen a wide geographical participation with a dominant presence of Italian investors, who subscribed about 76 per cent of the turnover related to the Second Phase. Within the share of foreign investors, of about 24 per cent, the prevailing presence has been that of European investors in addition to a non-negligible one of Asian 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.

Roma 04/18/2014

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