It is an important source of international funding for the Treasury and in the past satisfied the bulk of its total international funding needs. The securities issued are addressed to investors, as the word “Global” suggests, from all over the world, because they are not subject to the sales restrictions imposed by the US legal framework.The Program, in fact, meets the issuance requirements set by the US market surveillance authority (SEC), as the main target market is that of the United States. The Lead Manager of each single issue of the Program are selected among the Specialists in Government bonds.
All issuances are denominated in US dollars, although in the past the securities were issued also in Yen or Australian dollars to meet the specific needs of some investors. Outstanding securities are listed in the table Foreign Debt before Swap.