The Ministry of Economy and Finance announces the results of the syndicated exchange transaction, based on the launch of a new CCTeu due 15th October 2031 and on the buyback of BTPs and CCTeus with maturity 2023 and 2025.
The new CCTeu, maturing on the 15th October 2031 with accrual date 15th April 2023, has a semi-annual coupon indexed to 6-month Euribor plus 115 basis points. The amount of 5 billion Euro has been issued at a re-offer price of 99.930, corresponding to a yield of 114 basis points over the 6-month Euribor.
The overall amount of the buyback has been equal to 3,611.794 million Euro.
As for the bonds bought back, the amounts and the relative prices have been the following:
| Bond | Coupon | Maturity | ISIN | Amount bought back (mln €) | Price |
|---|---|---|---|---|---|
| BTP | 2.45% | 10/01/2023 | (IT0005344335) | 465.000 | 99.719 |
| BTP | 0.65% | 10/15/2023 | (IT0005215246) | 349.999 | 99.175 |
| BTP Italia | 0.25% | 11/20/2023 | (IT0005312142) | 796.800 | 99.335 |
| CCTeu | 12/15/2023 | (IT0005399230) | 1.400.000 | 100.325 | |
| CCTeu | 04/15/2025 | (IT0005311508) | 599.995 | 101.610 |
The settlement date of the transaction is set on July 5th.
The exchange transaction has been carried out through a syndication. structured with Banca Monte dei Paschi di Siena S.p.A. BNP Paribas. Intesa Sanpaolo S.p.A. and Unicredit S.p.A while all the other Specialists in government bonds have been invited to act as “coleader” of the transaction.
Details regarding the demand composition of the new CCTeu will follow in the next press release of the Ministry.