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- Third Quarter 2021 Issuance Program

Press release N° 130 of 06/25/2021

New bonds to be issued

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

BTP short - maturity 01/30/2024 Minimum final outstanding: 9 billion Euros
BTP 3 years - maturity 08/15/2024 Minimum final outstanding: 9 billion Euros
BTP 5 years - maturity 08/01/2026 Minimum final outstanding: 10 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 third 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 11/29/2020 – 11/29/2022 coupon 0.00%
BTP 03/01/2021 – 04/01/2026 coupon 0.00%
BTP 05/17/2021 – 07/15/2028 coupon 0.50%
BTP 06/01/2021 – 12/01/2031 coupon 0.95%

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 – zero coupon (CTZ), 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 06/25/2021
IT
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