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- Exchange transaction of Government bonds via Bank of Italy

Press release N° 195 of 11/23/2022

The Ministry of the Economy and Finance (MEF) announces that an exchange transaction will be held at the Bank of Italy on November 28, 2022. The operation will be held through a marginal auction, with discretionary determination of the price and quantity issued. One new 5-year bond will be issued, which therefore will not be included among the securities being issued in the medium/long-term auctions to be announced tomorrow, in exchange of five bonds to be bought back.
The following new bond will be issued:

Type ISIN code Issue Date Maturity date Coupon
BTP 5 Years to be assigned 30 Nov 2022 01 Apr 2028 3.40 % (*)
(*)First short coupon of BTP 5 Years ISIN to be assigned 1.139560% with accrual period: Nov 30 - April 01, 2023 (122 days in a 182 semester).
- After the first, the ordinary cycle will be: Oct 01 - Apr 01

The issued nominal amount of the above mentioned bond will not exceed 5,000 million euros.
Bonds accepted for the exchange operation, subject to buyback, will be:

Type ISIN code Issue Date Maturity date Coupon
CCTeu IT0005185456 15 Jan 2016 15 Jul 2023 ---
BTP IT0005215246(**) 15 Sep 2016 15 Oct 2023 0,65 %
BTP IT0005482309 28 Jan 2022 29 Nov 2023 0,00 %
CCTeu IT0005399230 15 Dec 2019 15 Dec 2023 ---
CCTeu IT0005311508 15 Oct 2017 15 Apr 2025 ---
(**)The security has at least one tranche issued "ad hoc" for REPO operations.

The buyback prices of the bonds admitted for the exchange operation will be announced on the auction day at 10 a.m. The bids of the Specialists in Government bonds are to be transmitted to the Bank of Italy through the National Interbank Network, by 11 a.m. of the same day. The allocated amount will be determined by excluding offers presented at prices not deemed favourable given the current market conditions.
Only “Specialists in Government Bonds” will be allowed to participate in the exchange offer. No placement fee will be paid for the transaction.
The transaction will be settled on November 30, 2022.

Rome 11/23/2022
IT
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