The Ministry of Economy and Finance communicates the details of the issue of the new 10-year BTP, expiring on December 1, 2030 and an annual coupon of 1,65%.
About 490 investors took part in the operation for a total demand of around 108 billion euro, which represents an absolute record of demand for a single security issued through a union. The largest share of the placement was underwritten by fund managers (38,7%), while the banks underwrote 35,6%. Investors with a long-term investment horizon purchased 19,7% of the issue (in particular 15,1% went to pension funds and insurance companies, while 4,6% was allocated to central banks and institutions governmental). 5,5% of the total amount was allocated to hedge funds. Non-financial corporations participated in the issue with a residual stake of 0,5%.
The geographical distribution of the security was extremely diversified, with a participation that saw the involvement of about 40 countries: foreign investors were awarded about three quarters of the issue (76%), while domestic investors subscribed to the 24%. Among foreign investors, the most significant share of the placement, equal to 71,3%, was subscribed by European investors, in particular from the United Kingdom (23%), Germany, Austria and Switzerland (14,4%), peninsula Iberian (11,1%), France (7,4%), Scandinavian countries (7%), Benelux (3,5%), Central and Eastern European countries (3,1%) and other European countries (1,8 , 4,7%). The remaining share of the issue, equal to 3,3%, was placed outside Europe, in particular in the United States (1,1%), Asia (0,3%) and the Middle East (XNUMX, XNUMX%).
The placement was made through the establishment of a syndicate made up of BNP Paribas, Citigroup Global Markets Ltd, HSBC France, Monte dei Paschi di Siena Capital Services Banca per le Imprese SpA, NatWest Markets PLC and UniCredit SpA which participated as leads manager, while all the other Government Bond Specialists held the role of co-lead manager of the operation.