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Italian Government

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- BTP Italia sixteenth issuance aimed at financing measures in response to COVID-19 emergency: record placement closed at above 22 billion


Press release N° 108 of 05/21/2020

The Ministry of Economy and Finance announces the placement results of the sixteenth 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), aimed at financing the measures in response to Covid-19 emergency.

The new bond, with maturity of 5 years, has its first accrual date as of the 26th of May 2020, maturity date as of the 26th of May 2025 and a definitive annual (real) coupon rate of 1.40%, paid on a semi-annual basis. The settlement date coincides with the accrual date.

The amount placed, equal to 22,297.606, is the biggest ever issued for BTP Italia and it coincides with the total turnover of valid purchase contracts concluded at par on the MOT (the Borsa Italiana’s screen-based market for securities and government bonds) through Banca IMI S.p.A, BNP Paribas, Monte dei Paschi di Siena Capital Services Banca per le imprese S.p.A and UniCredit S.p.A during the placement period, which started on the 18th of May 2020 and ended today at 12 p.m.

In particular, during the First Phase of the placement (dedicated to retail investors), from the 18th to the 20th of May 2020, the number of contracts concluded has been 383,966 for a turnover of 13,997.606 million Euros.

During the Second Phase of the placement (dedicated to institutional investors), which opened and closed today, the number of purchase proposals collected and executed has been 746 for an issued volume of 8,300.000 million Euros against a total demand of 19,546.876 million Euros (allotment coefficient of about 42.5 per cent).

Details regarding the demand composition, during the First and the Second Phase of the placement period, will follow in the next press release of the Ministry, that will be released tomorrow, the 22nd of May 2020.

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America.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 05/21/2020