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- Details on the new 10-year BTP placement

Press release N° 117 of 06/09/2021

The Ministry of Economy and Finance announces the placement details of the syndicated issuance of the new 10-year BTP, with maturity date 1st December 2031 and a 0.95% annual coupon.

More than 330 investors have taken part to the transaction with a total amount requested of about 67.7 billion Euros. The highest share of the issuance has been allotted to fund managers (60.6%), while a share of 22.3% has been subscribed by banks. Investors with a long-term investment horizon have bought 11.2% of the issuance (in particular pension funds and insurance companies for 5.8%, while official institutions have been allotted for 5.4%). Hedge funds have subscribed 5.9% of the total amount issued.

On a geographical basis, the placement has been extremely diversified (about 35 countries) with a large prevalence of foreign investors that have been allotted for 85.4% of the issuance, while domestic ones have bought a share of 14.6%. Among foreign investors, the most relevant share of the issuance, equal to 80%, has been allotted to European investors, in particular from UK (43.1%), Germany, Switzerland and Austria (11.3%), Iberian Peninsula (8.6%), France (6.8%), Nordic countries (6.7%), Central and Eastern Europe (1.3%) and other European countries (2.2%). The residual share of the issuance, equal to 5.4%, has been subscribed by investors from outside Europe, in particular from North America (2.3%) and Asia (3.1%).

The bond has been placed through a syndicate structured with five lead managers, BNP Paribas, Crédit Agricole Corp. Inv. Bank, Goldman Sachs Bank Europe SE, HSBC Continental Europe and Intesa Sanpaolo S.p.A., while other Specialists in Italian Government Bonds participated as co-lead managers.

Rome 06/09/2021
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