The Ministry of Economy and Finance announces the placement details of the new 10-year BTP€i, maturing on the 15th May 2033, with a real 0.10% coupon.
More than 110 investors have taken part to the transaction with a total amount requested of about 19 billion Euros. Fund managers have been allotted for 33% of the total amount issued, while 34.5% has been subscribed by banks. Investors with a long-term investment horizon bought a significant 29% of the placement (in particular, pension funds and insurance companies for 21.5%, while central banks and official institutions for 7.5%). Hedge funds were allotted 3.5% of the total amount issued.
In terms of geographical residence of investors, the placement has been extremely diversified with a relevant presence of domestic investors, that have been allotted for 52.8%, with respect to the foreign ones, that bought the remaining 47.2% of the issuance. Among foreign investors, the most relevant share has been placed in the UK (18.2%). The rest of the issuance has been distributed mainly in Europe (24.1%), and in particular in Nordic countries (10.8%), France (4.5%), Spain (4%), Germany/Austria/Switzerland (2.3%) and other European countries (2.5%). The rest of the issuance, equal to 4.9%, has been subscribed by investors from outside Europe, in particular from North America (4.8%), while a residual share of 0.1% has been allotted to Asian investors.
The bond has been issued through a syndicate structured with five lead managers, BofA Securities Europe S.A., Citibank Europe Plc, HSBC Continental Europe, Société Générale Inv. Banking and UniCredit S.p.A, and with the rest of Specialists in Italian Government bonds invited as co-lead managers.