(Finance) – The Ministry of Economy and Finance he communicated i details of the 5 billion issue euro made yesterday, through a syndicate, for a new 30-year BTP benchmark, maturity 1 October 2053 and annual coupon of 4.5%.
They participated in the operation just under 200 investors for a request total equal to approx 26.5 billion euros. The largest portion of the placement was subscribed by banks (40.4%), while fund managers subscribed 24%.
Investors with a long-term investment horizon bought a significant share of the par issue to 28.7% (in particular 10.5% went to pension funds and insurancewhile 18.2% was allocated to government institutions). 6.5% of the total amount was allocated to hedge funds, while a residual portion of 0.4% was subscribed by non-financial companies.
There geographical distribution of the title was extremely diversewith a participation that saw the involvement of more than 20 countries: investors foreign they won most of the issue (57.3%), while domestic investors subscribed 42.7%. Among foreign investors, the largest share of the placement, around 53%, was subscribed by European investors, coming in particular from United Kingdom (17.7%), Germany, Austria and Switzerland (9.6%), Iberian Peninsula (7.2%), Scandinavian countries (6.1%), France (5.9%), Greece (5.2%), Benelux (1.3%). The rest of the issue was placed outside Europe, particularly in North America (3.1%), while a residual portion of 1.2% was allocated to other non-European investors.
The placement was carried out through a syndicate consisting of five lead managers, Deutsche Bank AG, JP Morgan SE, Nomura Financial Products Europe GmbH, Société Générale Inv. Banking and UniCredit SpA, and the remaining Italian Government Bond Specialists as co- lead manager.