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Ministry of Economy and FinanceSecond Quarter 2020 Issuance Program

Press release N° 60 of 03/26/2020

New bonds to be issued

The Ministry of Economy and Finance announces that during the second quarter of 2020 the following new securities will be issued:

BTP 5 years maturity: 07/01/2025 Minimum final outstanding: 10 billion Euros
BTP 7 years maturity: 07/15/2027 Minimum final outstanding: 10 billion Euros
CTZ maturity: 05/30/2022 Minimum final outstanding: 9 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.

New bonds, in addition to the above mentioned ones, could be issued during the second 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 03/16/2020 – 06/15/2023 coupon 0.60%
BTP 10/01/2019 – 02/01/2025 coupon 0.35%
BTP 11/15/2019 – 01/15/2027 coupon 0.85%
BTP 03/01/2020 – 08/01/2030 coupon 0.95%
CTZ 10/30/2019 – 11/29/2021  
 

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, inflation-linked bonds and floating (CCTeu), 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 03/26/2020
IT

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