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

Press release N° 93 of 04/17/2015

The Ministry of Economy and Finance announces the details regarding the issuance of the eighth 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 8 year maturity. During the First Phase of the placement period, dedicated to retail investors, the issuance faced a much larger 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 total turnover substantially in line with the amount requested during the First Phase, against a final amount issued of 4,000.166 million Euros:

    number of contracts total turnover demanded (€)
First Phase 1st day 44,907 3,376,710,000
First Phase 2nd day 22,379 1,474,357,000
First Phase 3rd day (closing at 2 p.m.) 8,088 527,838,000
Second Phase 4th day (closing at 11 a.m.) 687 5,383,730,000

With reference to the First Phase of the placement period, out of 75,374 contracts 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 - over 45 per cent of them had a size of less than 20,000 euros, while considering contracts up to 50,000 euros, they were around 75 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 (69 per cent versus 31 per cent).
Within the share allotted to individual investors, requests received through the banking networks at the bank desk were estimated to be around 64 percent, while orders carried out via home banking were about 36 percent: this latter value marks a substantial increase with respect to 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 58.8 per cent of turnover of the Second Phase was allotted to banks and financial institutions, while asset managers bought around 25 percent. Noticeable was also the share subscribed by insurance companies (around 14 percent), while the rest of the issuance has been allotted to Central Banks and corporations (around 3.3 per cent).
During the Second Phase, the placement of the bond saw a dominant presence of Italian investors, who bought about 88 percent even if, nevertheless, a wider and diversified participation of European and International investors took place with respect the previous placements. Among those investors, the most relevant were from UK, Switzerland, France and some Asian countries.

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 04/17/2015

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