Introduction sectionExchange transaction

Exchange transaction

The Ministry of the Economy and Finance (MEF) announces that today, March 18, 2020, an exchange transaction will be held at the Bank of Italy. The operation will be held through a marginal auction, with discretionary determination of the prices and quantities issued.

Three bonds will be issued in exchange of one bond to be bought back.

 

The following bonds will be issued:

  • IT0005215246 BTP 15 Oct 2023 coupon 0.65%
  • IT0005246340 BTP 15 May 2024 coupon 1.85%
  • IT0005282527 BTP 15 Nov 2024 coupon 1.45%

 

The total issued nominal amount of the above mentioned bonds will not exceed 4,000 million euros.

The bond accepted for the exchange operation, to be bought back:

  • IT0005366007 BTP 15/07/2022 15 Jul 2022 coupon 1.00%

 

The buyback price of the bond admitted for the exchange operation will be announced on the auction day at 10 a.m. The bids of the operators are to be transmitted to the Bank of Italy through the National Interbank Network, by 11 a.m. of the same day. The allocated amount will be determined by excluding offers submitted at prices deemed inconsistent with market conditions.

Only “Specialists in Government Bonds” will be allowed to participate in the exchange offer. No placement fee will be paid for the transaction.

The transaction will be settled on March 20, 2020.

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