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Ministry of Economy and FinanceStarting the issuance of the first 50 year nominal BTP

Press release N° 167 of 10/03/2016

The Republic of Italy communicates that after a thorough market analysis, it is planning to move forward with the issuance of the first 50 year nominal fixed rate BTP.

As stated in the Guidelines on Public Debt Management for 2016, the Ministry of Economy and Finance has decided to increase its presence on long term maturities, considering the positive market environment for these instruments and given the positive experience with the introduction of the 20 year BTP. This new maturity does not affect the issuance policy on traditional long term bonds, that will continue to be regularly offered at mid-month auctions.

The new 50 year BTP, that will mature on the 1st of March 2067, will be issued through a syndication composed of the following Specialists in government bonds: Banca IMI S.p.A., BNP Paribas, Goldman Sachs Int. Bank, HSBC France, JP Morgan Securities PLC and Unicredit S.p.A. The transaction will be launched in the near future subject to market conditions.

The structure of the new bond will be similar to BTPs that are regularly issued: a six-month coupon with a fixed annual rate set at issuance and redemption at par.

The liquidity of the new bond will be guaranteed through ordinary auction or syndication, based on market conditions and investors demand.

Not for release, directly or indirectly, in or into the United States of America, Australia, Canada or Japan. This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such offer or solicitation would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of such securities is intended to be made in the United States.

Roma 10/03/2016

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