The Ministry of Economy and Finance announces the placement details of the syndicated issuance of the new 30-year BTP, with maturity date 1st October 2054 and a 4.3% annual coupon.
More than 400 investors have taken part to the transaction with a total amount requested above 130 billion Euros. Fund managers have been allotted for 38.3% of the total amount issued, while a relevant 32.4% share of the placement has been bought by accounts with a long-term investment horizon (in particular, pension funds and insurance companies for 18.3%, while central banks and official institutions for 14.1%). Banks were allotted with a 26.2% while hedge funds got a residual 3.1% share of the total amount issued.
On a geographical basis, the placement has been extremely diversified (more than 25 countries) with a prevalence of foreign investors that have been allotted for 75.1% of the issuance, while domestic ones have bought a share of 24.9%. Among foreign investors, the most relevant share of the issuance has been allotted to European investors, in particular from UK (29.8%), Nordic countries (10.9%), Iberian Peninsula (8.7%), France (7.3%), Germany, Switzerland and Austria (5.4%), Benelux (1.5%) and other European countries (4.2%). The rest of the issuance has been subscribed by investors from outside Europe, in particular from Middle East (5.2%), while a residual share of 2.1% has been allotted to other non-European investors.
The bond has been placed through a syndicate structured with five lead managers, Barclays Bank Ireland PLC, BNP Paribas, BofA Securities Europe S.A., Citibank Europe PLC and Société Générale Inv. Banking, and with the rest of Specialists in Italian Government bonds participating as co-lead managers.