The Ministry of Economy and Finance announces the placement details of the new 15-year BTP, maturing on the 1st March 2030, with a 3.50% coupon.
More than 300 investors have taken part to the transaction with a total amount requested in excess of 20 billion Euros. About 36% of the issuance has been allocated to asset and fund managers, while banks have been allotted around 26%. Long-term horizon investors have received about 30% of the placement (with pension funds and insurance companies accounting for 23% and central banks/official institutions for 7%). Moreover, also hedge funds and corporations/retail have taken part to the transaction, with an allotted share of 6% and 2% respectively.
The geographical distribution has been well diversified with 36% of the transaction allotted to Italian investors and 64% to foreign investors. Within the latter group, 49% has been allotted to European investors, with a relevant participation of those from the UK and Ireland (23%), and a significant interest from France (9%), Germany, Austria and Switzerland (8%), Scandinavian countries (5%) and Benelux (2%). An important share of the issuance has been allotted to U.S. (13%). The remaining 2% has been allocated to investors resident in the Middle East and in Asia.
The bond has been placed through a syndicate structured with five lead managers, Deutsche Bank A.G., HSBC France, JP Morgan Securities PLC, Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A. and Royal Bank of Scotland PLC while the remaining Specialists in Italian Government Bonds participated as co-lead managers.