(Finance) – The BTP Italia will be placed next Monday, 20 June 2022, on the MOT market of the Italian Stock Exchange. An issue that takes place in a very difficult market moment, but confirms the confidence of the Treasury about the success of its issues and the strong interest expressed by the market towards the securities of our public debt. She talked about it Ciro PietroluongoGeneral Manager of MTS, in an interview with Finance.
The BTP Italia returns with some innovations compared to the previous edition in terms of duration and the double loyalty bonus. Tell us about it?
“These different characteristics of the BTP Italia demonstrate the attention of the Treasury, as issuer, to the evolution of the economic situation, which at this moment is weighing and which in any case sees the BTP Italia as an instrument for defending savings from inflationary tensions. aimed, beyond the need for financing, to understand each time how to try to make the instruments more attractive, in relation to the economic situation and also on the basis of previous experience “.
“The attention, not only to the market of financial intermediaries, but also to individual savings can be explained in this way: the debt management is careful to understand the needs of savers. I therefore believe that this important effort should be highlighted”.
The double loyalty bonus certainly represents an attractive factor for retail investors, but the current phase of uncertainty, the boom in deposits and liquidity held by savers, would not allow us to glimpse great results: What are the expectations on the eve of the placement?
“The moment is complicated from the general economic point of view, but I believe that this message of attention and security that the Treasury is giving to savers, that is, that BTP Italia is an intelligent way of allocating one’s savings, can benefit the success of the placement”.
“The conditions for savers to understand that this is an excellent tool are all there: the tools, the will, the disclosure. Among the positive things of this issue there is the great attention of the Treasury and the Italian Stock Exchange, as placement tool for disclosure to savers “.
“It is clear that in these market phases there is a greater tendency to resort to deposits, but the government bond is an important financial instrument that has important guarantee characteristics with respect to those who subscribe”.
“This means that we can afford a secondary market which is one of the most efficient in the world and attracts investments, despite the current market phase, as always happened even during previous crises. In our markets they are always present, in any moment of the operating days, entry of prices and orders, which constitute a commitment by the banks, and I believe this is the best possible rating for our debt, because it demonstrates that there is trust in the country. individual savings is the best form of guarantee for private citizens even in a difficult moment “.
“I believe it is important that the Treasury offers these tools which represent a moment of attention to the private saver and must be exploited. It is a positive finance operation”.
The placement will, as always, be on the MOT circuit. Do you think that having joined the large Euronext family could give greater visibility to BTP Italia?
“I think so. There is also a part that will go to institutional investors after retail clients, so I believe that as part of a large European group we will have a larger sounding board.”
Could the ability to recover inflation be considered one of the strengths of the issue at this stage?
“Yes, I would say that the BTP Italia is also an instrument for defending savings against inflation, it was created precisely to protect the investor from inflation. Even Governor Visco, recently speaking of inflation and interest rates, said that the inflation must also be seen in its right dimensions, being linked to a strong cause such as the cost of energy “.
How do you judge the BTP Italia placement system?
“I believe that a level of distribution and attention to debt so complex, so complete, like what Italy is able to do, cannot be found elsewhere. In fact, we have the BTP auctions, which are managed by the Bank of Italy, ours MTS platform where very large volumes circulate between large international intermediaries, and then we have a whole activity that involves institutional investors and retail customers up to the issues of BTP Italia operated directly on the MOT “.
“We can imagine a sort of pyramid that widens and in the end is perfectly balanced, because there is a strong presence of the international component at the first level, which progressively balances itself with the national component, descending the distribution chain up to the retail investor. . There is a mix, a really important attention ”.
“This is an extremely modern way of thinking of the issuer and the national market. Our debt is appreciated and manages to have transparency and continuity in prices even in difficult times. operating in different areas and with different subjects, it guarantees liquidity and enhancement of investments at every moment of their life for private savers “.
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