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- Syndicated exchange: results of the buyback of nominal BTPs and CCTeus and concurrent issuance of a new 30-year BTP

Press release N° 234 of 10/22/2020

The Ministry of Economy and Finance announces the results of the syndicated exchange transaction, based on the buyback of the BTP 01/08/2021, BTP 01/05/2023, BTP 01/08/2023, BTP 01/10/2023, CCTeu 15/01/2025 and the concurrent issuance of the first tranche of the 30-year BTP. The settlement date of the tralang="it"nsaction is set on October 29th.

The new 30-year BTP, maturing on the 1st September 2051 with accrual date 1th September 2020, has a 1.70% annual coupon, paid on a semi-annual basis. The amount of 8 billion Euro has been issued at a re-offer price of 98.686, equivalent to a 1.763% gross annual yield.

The overall amount of the buyback has been equal to 9,973.749 million Euro.

As for the bonds bought back, the amounts and the relative prices have been the following:

Bond Coupon Maturity ISIN Amount bought back
(mln €)
Price
BTP 3.75% 08/01/2021 (ISIN IT0004009673) 2,000.000 103.25
BTP 4.50% 05/01/2023 (ISIN IT0004898034) 2,000.000 111.97
BTP 4.75% 08/01/2023 (ISIN IT0004356843) 1,999.999 113.74
BTP 2.45% 10/01/2023 (ISIN IT0005344335) 1,973.750 107.67
CCTeu   01/15/2025 (ISIN IT0005359846) 2,000.000 105.24

The exchange transaction has been carried out through a syndication, structured with BNP Paribas, Deutsche Bank A.G., Monte dei Paschi di Siena Capital Services Banca per le ImA.G.rese S.p.A, JP Morgan Securities PLC e Nomura Int.

Details regarding the demand composition of the new 30-year BTP will follow in the next press release of the Ministry.

Not for release, directly or indirectly, in or into the United States of America, Australia, Canada or Japan. This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such offer or solicitation would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of such securities is intended to be made in the United States.
Rome 10/22/2020
IT
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