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- Details on the new 10-year BTP placement

Press release N° 122 of 06/04/2020

The Ministry of Economy and Finance announces the placement details of the new 10-year BTP, maturing on the 1st December 2030, with a 1.65% annual coupon.

About 490 investors have taken part to the transaction with a total amount requested of about 108 billion Euros, which represents the highest demand ever recorded for a single syndicated issuance. The highest share of the issuance has been allotted to fund managers (38.7%), while a share of 35.6% has been subscribed by banks. Investors with a long-term investment horizon have bought 19.7% of the issuance (in particular pension funds and insurance companies for 15.1%, while central banks and official institutions have been allotted for 4.6%). Hedge funds have subscribed 5.5% of the total amount issued. Also non-financial institutions (corporations) have taken part to the transaction with a residual share of 0.5%.

In terms of geographical residence of investors, the placement has been extremely diversified with the involvement of investors coming from about 40 countries: foreign investors have been allotted for 76% of the issuance, while domestic ones have bought a share of 24%. Among foreign investors, the most relevant share of the issuance, equal to 71.3%, has been allotted to investors from Europe, in particular from UK (23%), Germany, Switzerland and Austria (14.4%), Iberian Peninsula (11.1%), France (7.4%), Nordic countries (7%), Benelux (3.5%), Central and Eastern Europe (3.1%) and other European countries (1.8%). The rest of the issuance, equal to 4.7%, has been subscribed by investors from outside Europe, in particular from United States (3.3%), Asia (1.1%) and Middle East (0.3%).

The bond has been placed through a syndicate structured with six lead managers, BNP Paribas, Citigroup Global Markets Ltd, HSBC France, Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A, NatWest Markets PLC and UniCredit S.p.A, while the remaining Specialists in Italian Government Bonds participated as co-lead managers.

Rome 06/04/2020
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