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- Details on demand composition during the two Phases of the ninth issuance of BTP Italia

Press release N° 69 of 04/08/2016

The Ministry of Economy and Finance announces the details regarding the ninth issuance of BTP Italia, the government bond indexed to Italian inflation (FOI index, ex-tobacco - Indices of Consumer Prices for blue and white-collar households with the exclusion of tobacco), with 8 year maturity.
During the First Phase of the placement period, dedicated to retail investors, the issuance faced a larger demand on the first day of placement compared to the following two days, in terms of both number of contracts and turnover.
The Second Phase, dedicated to institutional investors, that lasted 2 hours during the fourth day of placement, saw a total demand greater than the final amount on offer of 3,800 million Euros:

    number of contracts         total turnover demanded (€)
First Phase 1st day 28,361 2,308,173,000
First Phase 2nd day 18,199 1,402,884,000
First Phase 3rd day 8,075    503,311,000
Second Phase 4th day (closing at 11 a.m.) 550 5,108,703,000

With reference to the First Phase of the placement period, out of 54,635 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 - around 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 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 (63 per cent versus 37 per cent).
Within the share allotted to individual investors, requests received through the banking networks at the bank desk were estimated to be around 75 per cent, while orders carried out via home banking were about 25 per cent, this latter value being in line with the average recorded in previous issuances. Looking at the geographical distribution of orders received during the First Phase of the placement, about 93 per cent has been allocated to domestic retail investors, while 7 per cent has been placed abroad, a value above the previous issuances.
The information collected from Dealers and Co-Dealers, show that 53 per cent of turnover of the Second Phase was allotted to banks, while asset managers bought around 23 per cent. Around 19 per cent has been placed to medium/long-term horizon investors (insurance companies and pension funds accounting for 13 per cent and official institutions for 6 per cent) while around 4 per cent has been allotted to non-financial institutions (corporations).
During the Second Phase, the data received from Dealers and Co-Dealers show a dominant presence of Italian investors, who bought about 89 per cent, in line with the previous issuance. On the remaining 11 per cent there was a diversified participation of European investors, among which the most relevant were from UK/Ireland (5 per cent), France (3 per cent), and Benelux (2 per cent).

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 04/08/2016