The Ministry of Economy and Finance announces the placement details of the syndicated issuance of the new CCTeu, with maturity date15th October 2030 and a semi-annual coupon indexed to 6-month Euribor plus 75basis points.
More than 100 investors have taken part to the transaction with a total amount requested of about 10.7 billion Euros. The highest share of the issuance has been allotted to banks (60.9%), while a share of 14.1% has been subscribed by fund managers. Investors with a long-term investment horizon have bought 20.4% of the issuance (in particular central banks and official institutions for 20%, while pension funds and insurance companies have been allotted for 0.4%). Hedge funds have subscribed 3.5% of the total amount issued. The residual amount of the placement (1.1%) has been subscribed by non-financial institutions.
The placement has been characterized by a geographical distribution with a large presence of domestic investors (equal to 78.5%). Among foreign investors, the most relevant share of the issuance has been allotted to European investors, in particular from UK and Ireland (10.5%), France (3.3%), Germany, Switzerland and Austria (3.2%), Iberian Peninsula (2.4%), Benelux (1.7%) and other European countries for a residual share of 0.4%.
The bond has been placed through a syndicate structured with four lead managers, BNP Paribas, Crédit Agricole Corp. Inv. Bank, Intesa Sanpaolo S.p.A. and Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A. and with the rest of Specialists in Italian Government bonds invited as co-lead managers.