Details on the new 5 year BTP€i placement

The Ministry of Economy and Finance announces the placement details of the new 5-year BTP€i, maturing on the 15th May 2022, with a 0.10% annual real coupon.

Around 110 investors have taken part to the transaction with a total amount requested in excess of 5.7 billion Euros. Fund managers have been allotted for 44.4% of the total amount issued, while 33.4% has been subscribed by banks. Hedge funds were allotted about 14.3% of the total amount issued. Participation of long-term investment horizon investors has been significant, with a 5.4% of allotted amount (in particular, pension funds and insurance companies for 3.8% while central banks for 1.7%). Moreover, also non-financial institutions (corporations) have taken part to the transaction with a share of 2.5% of the issuance.

In terms of geographical residence of investors, the placement has been extremely diversified with a relevant presence of foreign investors, that have been allotted for about 63.5% with respect to the domestic ones, that bought the remaining 36.5% of the issuance. Among foreign investors, the most relevant quota has been allotted to UK (around 19.9%). The rest of the issuance has been placed mainly in continental Europe (about 28.3%), and in particular in Netherland (10%), Switzerland (5%), Austria/Germany (4.8%), France (3.2%), Scandinavian countries (2.7%), and 2.7% in other European countries. Outside Europe, also noticeable has been the presence of north America (US) investors, that have received around 12.7% of the amount issued. Finally Asian investors have been allotted around 2.7% of the issuance.

The bond has been placed through a syndicate structured with four lead managers, Banca IMI S.p.A., Nomura Int. PLC, Royal Bank of Scotland PLC and UBS Ltd while the other Specialists in Italian Government bonds have been invited to participate as co-lead managers.