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- First Quarter 2021 Issuance Program

Press release N° 287 of 12/23/2020

New bonds to be issued

The Ministry of Economy and Finance announces that during the first quarter of 2021 the following new securities will be issued:

BTP 3 years maturity 04/15/2024 Minimum final outstanding: 9 billion Euros
BTP 5 years maturity 04/01/2026 Minimum final outstanding: 10 billion Euros
BTP 7 years maturity 03/15/2028 Minimum final outstanding: 10 billion Euros

In addition, as announced in the Guidelines for public debt management for 2021 the Treasury will evaluate the opportunity to issue the new BTP Short Term, whose maturity will be set in the 18-30 month range.

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.

New bonds, in addition to the above mentioned ones, could be issued during the first 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 07/15/2020 – 01/15/2024 coupon 0.00%
BTP 08/01/2020 – 02/01/2026 coupon 0.50%
BTP 10/01/2020 – 04/01/2031 coupon 0.90%
CTZ 09/28/2029 – 09/28/2022  

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.

Rome 12/23/2020
IT

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