The Ministry of Economy and Finance announces the placement details of the new 10-year BTP€i linked to the Euro-zone HICP ex-tobacco, maturing on the 15th September 2024, with a real 2.35% coupon.
More than 200 investors have taken part to the transaction with a total amount requested of around 11.4 billion Euros. The 34.2% of the issuance has been allotted to fund managers, while banks have been allotted 33.7% of the transaction. Looking at long-term horizon investors, pension funds and insurance companies have received 15% of the total amount issued while central banks have been allotted 11.6%. Moreover, also hedge funds and corporations have taken part to the transaction with an allotted share of 2.8% and 1.6% respectively.
The geographical distribution has been well diversified with 35.3% of the transaction allotted to Italian investors and 64.7% to foreign investors. Within the latter group, 48.9% has been allotted to European countries’ investors, with a relevant participation of those from the UK and Ireland (22.6%), France (11.6%), and a significant interest from Scandinavian countries (6.3%), Iberia (3.3%) and Germany/Austria/Switzerland (3.2%). Out of Europe, an important share of the total issuance has been allotted to U.S. (10.9%), Asian (3.2%) and middle East (1.7%) investors.
The bond has been placed through a syndicate structured with five lead managers, Banca IMI S.p.A., Barclays Bank PLC, Citigroup Global Markets Ltd., Goldman Sachs Int. Bank and Société Générale Inv. Banking, while the remaining Specialists in Italian Government Bonds participated as co-lead managers.