Ministero dell'Economia e delle Finanze

The Ministry of Economy and Finance announces the placement details of the new 15-year BTP, maturing on the 1st September 2033, with a 2.45% coupon.
About 210 investors have taken part to the transaction with a total amount requested of around 21.4 billion Euros against an issuance size of 6 billion Euros. A large amount of the issuance, for about 40.8%, has been allotted to banks. Long-term horizon investors have received about 23.2% of the placement (17.2% to central banks and official institutions; 6% to pension funds and insurance companies). Asset and fund managers have been allotted around 17.6% while hedge funds have received 17.3% of the total allocation. Finally, other types of investors (including non-financial institutions) have taken part to the transaction, with an allotted share of 1.1%.
In terms of geographical residence of investors, the placement has been well diversified, with a significant share of domestic investors who were allocated around 36% of the transaction. The participation of investors from UK has been also relevant, as they have been allotted around 24.8% of the issuance. The rest of issuance has been placed mainly in continental Europe (around 26.5%), with a significant presence of Germany/Austria (10.3%), France (4.2%), Scandinavian countries (4.1%), Spain (3.6%), Switzerland (2.5%) and Benelux (1.8%). Outside Europe, also noticeable has been the presence of investors resident in the North America (US and Canada) that have received around 12% of the issuance. The remaining 0.7% has been allocated to investors resident in other European countries and in the Middle East, Asia and Latin America.
The bond has been placed through a syndicate structured with five lead managers, Banca IMI S.p.A., Barclays Bank PLC, Crédit Agricole Corp. Inv. Bank, ING Bank N.V. and Royal Bank of Scotland PLC (trading as NatWest Markets) while the remaining Specialists in Italian Government Bonds participated as co-lead managers.