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Ministry of Economy and FinanceFirst Quarter 2015 Issuance Program

Press release N° 291 of 12/23/2014

The Ministry of Economy and Finance announces that during the first quarter of 2015 the following new securities will be issued:

BTP    15th February 2015 – 15th April 2022    Minimum final outstanding: 10 billion Euros
BTP    1st March 2015 – 1st June 2025    Minimum final outstanding: 12 billion Euros
CTZ    26th February 2015 – 27th February 2017    Minimum final outstanding: 9 billion Euros

The minimum final outstanding refers to the overall issuance of the bond and therefore it relates to the minimum amount the bond shall reach before being replaced by a new benchmark.

The settlement date of the first auction of a new bond may not coincide with the interest accrual date.

New bonds, in addition to the above mentioned ones, could be issued during the first quarter, according to market conditions.

Further tranches of the following on-the-run securities will be issued too:

CTZ 29th August 2014 – 30th August 2016
BTP 15th October 2014 – 15thJanuary 2018 coupon 0.75%
BTP 1st December 2014 – 1st December 2019 coupon 1.05%
BTP 15th June 2014 – 15th December 2021 coupon 2.15%
BTP 1st September 2014 – 1st December 2024 coupon 2.50%

Moreover, according to market conditions, the Ministry of Economy and Finance reserves the right to reopen medium and long-term instruments, nominal – fixed rate and floating (CCTeu) - and inflation linked, including off-the-run instruments, in order to ensure secondary market efficiency.

The Treasury will place medium and long term securities, nominal – fixed rate and floating (CCTeu) – and inflation linked (BTP€i), through the usual uniform-price (marginal) auction mechanism and it will discretionally set the price and the issuance amount.
 

Roma 12/23/2014
IT

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