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- Details on the placement of the first BTP Green

Press release N° 40 of 03/04/2021

The Ministry of Economy and Finance announces the placement details of the first BTP Green, the new Italian government bond designed to support public expenditures with positive environmental impact, maturing on the 30th April 2045, with a 1.50% annual coupon (Isin Code IT0005438004).

Around 530 investors have taken part to the transaction with a total amount requested of above 80 billion Euros, the biggest debut sovereign green bond from a European issuer to date. Relevant has been the participation of ESG (Environmental, Social and Governance) investors who have subscribed more than half of the placement.

Overall, fund managers have been allotted for 53.1% of the issuance while a share of about 18.5% has been subscribed by banks. High participation has come from investors with a long-term horizon, who bought 24.3% of the issuance (in particular pension funds and insurance companies for 14.3%, while central banks and official institutions have been allotted for 10%). Hedge funds have subscribed about 3.6% of the total amount issued. Also non-financial institutions 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 more than 40 countries: foreign investors have been allotted for 73.7% of the issuance, while domestic ones have bought a share of 26.3%.

Among foreign investors, the participation from the UK has been relevant as they have been allotted for about the 22.1%. The rest of the placement has been placed mainly to investors from continental Europe, and in particular from Germany, Austria and Switzerland (19.9%), France (10.1%), Iberian Peninsula (7.3%), Nordic countries (5.1%), other European countries among which Benelux (2.1%), East Europe (1.2%), and Middle East (1.7%).

Outside Europe, a share of 1.9% has been subscribed from US; a residual share equal to 0.5% has been allotted to Asian investors while the rest of the issuance has been subscribed by investors resident in other countries.

The bond has been placed through a syndicate structured with five lead managers BNP Paribas, Crédit Agricole Corp. Inv. Bank, Intesa Sanpaolo S.p.A., J.P. Morgan AG and NatWest Markets N.V., while the remaining Specialists in Italian Government Bonds participated as co-lead managers.

Rome 03/04/2021
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