New bonds to be issued
The Ministry of Economy and Finance announces that during the third quarter of 2018 the following new securities will be issued:
BTP 08/01/2018 – 10/01/2023 Minimum final outstanding: 10 billion Euros
BTP 09/17/2018 – 11/15/2025 Minimum final outstanding: 10 billion Euros
BTP 08/01/2018 – 12/01/2028 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. Indeed in this particular case it is excluded that the first tranches of the aforementioned bonds with the same interest accrual date will be offered on the same auction 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
Moreover, during the same quarter further tranches of the following on-the-run bonds will be issued too:
BTP 04/15/2018 – 04/15/2021 coupon 0.05%
BTP 03/01/2018 – 03/01/2023 coupon 0.95%
BTP 03/15/2018 – 05/15/2025 coupon 1.45%
BTP 02/01/2018 – 02/01/2028 coupon 2.00%
CCTeu 03/15/2018 – 09/15/2025
CTZ 03/28/2018 – 03/30/2020
In addition, 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 off-the-run 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.