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

Press release N° 178 of 10/21/2016

The Ministry of Economy and Finance announces the details regarding the tenth 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 met a larger demand on the first day 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 the placement, saw a total demand greater than the final amount on offer of 3,000 million Euros:

    number of contracts total turnover demanded (€)
First Phase 1st day 15,110 1.202.969.000
First Phase 2nd day 10,269 650.612.000
First Phase 3rd day 5.640 366.337.000
Second Phase 4th day (closing at 11 a.m.) 293 3.321.465.000

With reference to the First Phase of the placement period, out of 31,019 contracts concluded on the MOT (the Borsa Italiana’s screen-based market for securities and government bonds) through BNP Paribas and Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A. - Dealers of the transaction - around 46 per cent of them had a size of less than 20,000 euros, while considering contracts up to 50,000 euros, they were around 76 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, Co-Dealers and other intermediaries, show that, during the First Phase, there was an higher share of private banking with respect to individual investors (70 per cent versus 30 per cent).

Within the share allotted to individual investors, requests received through the banking networks at the bank desk were estimated to be around 69 per cent, while orders carried out via home banking were about 31 per cent, this latter value marking an increase with respect to the previous issuance in the current year. Looking at the geographical distribution of orders received during the First Phase of the placement, about 95 per cent has been allocated to domestic retail investors, while 5 per cent has been placed abroad.

The information collected from Dealers, Co-Dealers and other intermediaries shows that around 59 per cent of turnover of the Second Phase were allotted to banks, while asset managers bought around 24 per cent. Noticeable was also the share subscribed by insurance companies and pension funds (around 14 per cent), while the rest of the issuance has been allotted to non-financial institutions (corporations) and foundations (around 3 per cent).

During the Second Phase, the placement of the bond saw a dominant presence of Italian investors, who bought about 98 per cent of it. The rest of the issuance of the Second Phase was allotted to European investors from the UK and Germany.

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 10/21/2016
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