Introduction sectionExchange transaction via electronic trading system

Exchange transaction via electronic trading system

The Ministry of the Economy and Finance (MEF) announces that an exchange transaction via electronic trading system will be held on November 17, 2017.
One bond will be issued in exchange of up to five bonds to be bought back.

Offered bond is the BTP 01 Feb 2033, coupon 5.75% (IT0003256820).

In order to ensure an efficient impact on the secondary market and for the purpose of managing the government bonds’ redemption profile, the issued nominal amount of the above mentioned bond will not exceed 2,000 million euros.

Basket of Government bonds for exchange transaction (subject to buyback):

  • IT0004361041 BTP 01 Aug 2018, coupon 4.50%;
  • IT0004957574 BTP 01 Dec 2018, coupon 3.50%;
  • IT0003493258 BTP 01 Feb 2019, coupon 4.25%;
  • IT0004992308 BTP 01 May 2019, coupon 2.50%;
  • IT0004380546 BTP€i 15 Sep 2019, real coupon 2.35%.

The buyback prices of the bonds admitted for the exchange transaction, to be chosen within the above list, will be directly and exclusively visible on the electronic platform at 10 am of November 17, 2017. The exchange transaction will take place from 10 am and finish no later than 11 am of the mentioned day.

The allotment of the bonds to be issued will take place at the price offered by each operator and accepted by the MEF.
Only “Specialists in Government Bonds” will be allowed to participate in the exchange transaction. No placement fee will be paid for this operation.

The transaction will be settled on November 21, 2017.

Exchange transaction via electronic trading system


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