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- Details on the new 30-year BTP placement

Press release N° 5 of 01/07/2022

The Ministry of Economy and Finance announces the placement details of the syndicated issuance of the new 30-year BTP, with maturity date 1st September 2052 and a 2.15% annual coupon.

More than 350 investors have taken part to the transaction with a total amount requested of about 55.9 billion Euros. The highest share of the issuance has been allotted to fund managers (45.6%), while a share of 34.3% has been subscribed by banks. Investors with a long-term investment horizon have bought 14.6% of the issuance (in particular pension funds and insurance companies for 6.8%, while official institutions have been allotted for 7.8%). Hedge funds have subscribed 5.2% of the total amount issued, while non-financial institutions (corporations) have taken part to the transaction with a residual share of 0.3%.

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 74.9% of the issuance, while domestic ones have bought a share of 25.1%. Among foreign investors, the most relevant share of the issuance, equal to 67.8%, has been allotted to European investors, in particular from UK (23.5%), Germany, Switzerland and Austria (12.6%), France (9.6%), Iberian Peninsula (7%), Nordic countries (5.4%), Greece (4,2%), Central and Eastern Europe (4%), and Benelux (1,5%). The rest of the issuance, equal to 7.1%, has been subscribed by investors from outside Europe, in particular from Asia (4.2%) and North America (2.2%), while a residual share of 0.7% has been allotted to other non-European investors.

The bond has been placed through a syndicate structured with five lead managers, Barclays Bank Ireland PLC, BNP Paribas, Deutsche Bank A.G, Intesa Sanpaolo S.p.A. and J.P. Morgan AG and with the rest of Specialists in Italian Government bonds invited as co-lead managers.

Rome 01/07/2022
IT
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