Ministero dell'Economia e delle Finanze

The Ministry of Economy and Finance announces the placement details of the new BTP Green with maturity date of 30th October 2031 and 4% annual coupon.
Around 290 investors have taken part to the transaction with a total amount requested of 53 billion euros. The placement saw a relevant participation of ESG (Environmental, Social and Governance) investors who have subscribed around two thirds of it.
Overall, fund managers have been allotted for 42.6% of the issuance while a share of about 26.9% has been subscribed by banks. Large participation has come from investors with a long-term horizon, who bought 26.6% of the issuance (in particular, pension funds and insurance companies for 14.1%, while central banks and official institutions have been allotted for 12.5%). Hedge funds have subscribed about 2.9% of the total amount issued while the residual share has been subscribed by other investors.
In terms of geographical residence, the placement has been extremely diversified with the involvement of investors coming from more than 30 countries: foreign investors have been allotted for 62.6% of the issuance, while domestic ones have bought a share of 37.4%.
Among foreign investors, the participation from the UK has been relevant as they have been allotted for about 19.4%. The rest of the amount issued has been placed mainly to investors from continental Europe, and in particular from France (11.8%), Iberian Peninsula (10.4%), Germany, Austria and Switzerland (4.6%), Nordic countries (4.1%), Benelux (3.2%), and other European countries (6.2%).
Outside Europe, a share of 0.6% has been subscribed from the US while the rest of the issuance (2.3%) has been subscribed by investors resident in Asia.
The bond has been placed through a syndicate structured with five lead managers, Banco Bilbao Vizcaya Argentaria SA, BNP Paribas, BofA Securities Europe S.A., Crédit Agricole Corp. Inv. Bank and Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A, while the remaining Specialists in Italian Government Bonds participated as co-lead managers.