Introduction sectionBTP Italia, Details on demand composition during the two Phases of the twelfth issuance
BTP Italia, Details on demand composition during the two Phases of the twelfth issuance
The Ministry of Economy and Finance announces some details regarding the twelfth issuance of BTP Italia with 6 year maturity.
During the First Phase of the placement, dedicated to retail investors, the issuance met a larger demand on the first day compared to the following two days, in terms of both number of contracts and turnover, in line with past issuances.
The Second Phase, dedicated to institutional investors, that lasted 2 hours during the fourth day of the placement, saw a total demand greater than the final amount on offer of 3,350 million Euros.
Looking at the geographical distribution of orders received during the First Phase of the placement, about 98 per cent is the estimated share allocated to domestic investors, while the remaining 2 per cent should be that of foreign investors.
With reference to the Second Phase around 73 per cent of turnover of the Second Phase was allotted to banks, while asset managers bought around 17 per cent. The rest of the issuance has been allotted to insurance companies (4 per cent), hedge funds (4 per cent), official institutions (1 per cent), and other financial and non-financial institutions (around 1 per cent).
During the Second Phase, the placement of the bond saw a dominant presence of Italian investors, who bought about 84 per cent. A significant part of the issuance was allotted also to investors from the UK and Ireland (around 13 per cent). The remaining 3 per cent of the issuance of the Second Phase was allotted to investors from other countries, mainly European.
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