Introduction section Global Bond Programme
Global Bond Programme
The Global Bond Programme is an important method of financing for the Treasury, which in the past has made it possible to satisfy the main part of its funding on international markets. During the past few years, the Treasury has been present on international markets with issues made through the Global Bond Programme with the aim of increasing the number of institutional investors and containing financing costs compared to “traditional” issues on domestic markets.
The Global Bond channel, which is reserved for investors with a high institutional profile distributed in different geographic areas, made it possible to differentiate the base of bond holders and strengthen the ties with certain investors, especially from the United States, as the issuances are not subject to the selling restrictions imposed by US legislation. In fact, the Programme meets the issuance requirements imposed by the US market supervisory authority (SEC), therefore the main reference market is the United States.
The issuance of one or more securities - whether single or multi-tranche - take place through the usual syndicated placement channel, with the participation of some Primary Dealers in Government Bonds as lead managers who have signed the Underwriting Agreement together with the other Primary Dealers in Government Bonds as co-lead managers.
Outstanding securities are USD-denominated, although JPY or AUD-denominated securities have been issued in the past to meet specific investor needs. Unexpired securities are listed in the external debt table before swap transactions.
The role of Fiscal Agent and Paying Agent is managed by Citibank N.A., London Branch.
All the documentation of the Global Bond Programme is construed in accordance with the laws of the State of New York.
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