(Finance) – The Ministry of Economy and Finance communicates the details of the issue of the new 20-year BTP, maturing on 1 September 2043 and with an annual nominal rate of 4.45%, placed yesterday for a total amount of 7 billion euro.
Approximately 160 investors participated in the operation for a total demand of approximately 27 billion euro.
In particular, 39% of the amount subscribed was awarded to banks while 24.7% to fund managers. The participation of investors with a long-term investment horizon was significant, with 30.5% purchased (in particular, 6.3% went to pension funds and insurance companies, while 24.2% was allocated to central banks and government institutions). Hedge funds were awarded 5.8% of the total amount, while the remainder was subscribed by non-financial companies.
The geographical distribution of the title was extremely diversified, with participation involving more than 20 countries: foreign investors bought about half of the issue (50.53%), while domestic investors subscribed 49.47%. Among foreign investors, the largest share of the placement, equal to 48.37%, was subscribed by European investors, coming in particular from the United Kingdom (17.87%), the Scandinavian countries (7.03%), the Iberian Peninsula (6.30%), France (4.86%), Germany, Austria and Switzerland (3.77%), and other European countries (8.54%). The remaining portion of the issue was placed outside Europe, particularly in the United States (1.45%), while the residual portion of 0.71% was purchased by investors from other non-European countries.
The placement was carried out through the establishment of a syndicate composed of Barclays Bank Ireland PLC, BNP Paribas, Citibank Europe Plc, Goldman Sachs Bank Europe SE and Intesa Sanpaolo and the remaining Italian Government Bond Specialists invited to participate as co- lead manager.