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Ministry of Economy and FinanceThird Quarter 2015 Issuance Program

Press release N° 135 of 06/25/2015

New bonds to be issued

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

CTZ 08/28/2015 – 08/30/2017 Minimum final outstanding: 9 billion Euros
BTP 09/15/2015 – 09/15/2022 Minimum final outstanding: 10 billion Euros
BTP 09/01/2015 – 12/01/2025 Minimum final outstanding: 12 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 third quarter, according to market conditions.

Reopenings of outstanding bonds

Always during the third quarter of 2015, further tranches of the following on-the-run securities will be issued too:

BTP 04/15/2015 – 05/15/2018 coupon 0.25%
BTP 05/01/2015 – 05/01/2020 coupon 0.70%
BTP 02/16/2015 – 04/15/2022 coupon 1.35%
BTP 03/02/2015 – 06/01/2025 coupon 1.50%
CCTeu 12/15/2014 – 06/15/2022

Moreover, according to market conditions, the Ministry of Economy and Finance reserves the right to offer further tranches of on-the-run nominal bonds with maturity above 10 years and inflation-linked bonds, also with the aim to tackle possible secondary market dislocations of these bonds.

Finally the Ministry of Economy and Finance could offer further tranches of medium and long-term instruments, nominal – fixed rate and floating (CCTeu) - and inflation linked, 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.

Rome 06/25/2015

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