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- Details on the new 30-year BTP placement

Press release N° 25 of 02/16/2023

The Ministry of Economy and Finance announces the placement details of the 5 billion euro syndicated issuance of the new 30-year BTP, with maturity date 1st October 2053 and a 4.5% annual coupon.

Almost 200 investors have taken part to the transaction with a total amount requested of around 26.5 billion Euros. The highest share of the issuance has been allotted to banks (40.4%), while a share of 24% has been subscribed by fund managers. Investors with a long-term investment horizon have bought a relevant 28.7% share of the issuance (in particular pension funds and insurance companies for 10.5%, while official institutions have been allotted for 18.2%). Hedge funds have subscribed 6.5% of the total amount issued, while non-financial institutions (corporations) have taken part to the transaction with a residual share of 0.4%.

On a geographical basis, the placement has been extremely diversified (more than 20 countries) with a prevalence of foreign investors that have been allotted for 57.3% of the issuance, while domestic ones have bought a share of 42.7%. Among foreign investors, the most relevant share of the issuance, equal to 53%, has been allotted to European investors, in particular from UK (17.7%), Germany, Switzerland and Austria (9.6%), Iberian Peninsula (7.2%), Nordic countries (6.1%), France (5.9%), Greece (5.2%) and Benelux (1.3%). The rest of the issuance has been subscribed by investors from outside Europe, in particular from North America (3.1%), while a residual share of 1.2% has been allotted to other non-European investors.

The bond has been placed through a syndicate structured with five lead managers, Deutsche Bank A.G., J.P. Morgan SE, Nomura Financial Products Europe GmbH, Société Générale Inv. Banking and UniCredit S.p.A, and with the rest of Specialists in Italian Government bonds participating as co-lead managers

Rome 02/16/2023
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