New bonds to be issued
The Ministry of Economy and Finance announces that during the second quarter of 2022 the following new securities will be issued:
|BTP 3 years||maturity 08/15/2025||Minimum final outstanding: 9 billion Euros|
|BTP 7 years||maturity 06/15/2029||Minimum final outstanding: 10 billion Euros|
|BTP 10 years||maturity 12/01/2032||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 second quarter, according to market conditions.
Reopenings of outstanding bonds
Moreover, during the same quarter further tranches of the following on-the-run bonds could be issued too:
|BTP Short||01/28/2022 – 11/29/2023||coupon 0.00%|
|BTP||12/16/2021 – 12/15/2024||coupon 0.00%|
|BTP||03/01/2022 – 04/01/2027||coupon 1.10%|
|BTP||11/01/2021 – 06/01/2032||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, CCTeu 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 – 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.