Introduction section Btp futura: the fourth issuance closed at around € 3.2 billion euros with more than 91,000 contracts

Btp futura: the fourth issuance closed at around € 3.2 billion euros with more than 91,000 contracts

91,273 contracts concluded for a turnover of 3,268.240 million Euros, with an average size of 35,807 Euros. These are the numbers of the fourth BTP Futura issuance, with maturity of 12 years, aimed at financing the measures recently adopted by the Government to support the country’s economic growth.

 

During the placement period, out of 91,273 contracts concluded on the MOT (the Borsa Italiana’s screen-based market for securities and government bonds) around 62% of them had a size of less than 20,000 Euros, while considering contracts up to 50,000 Euros, they were around 88% of the total.

 

From the data received from Dealers, Co-Dealers and other intermediaries, it can be estimated that there was a prevailing participation of retail investors compared to the private banking (with an estimated share of 67% versus 33%). Within the share allotted to retail investors, requests received through the banking networks (both at the bank desk and through remote offers) were estimated to be around 61%, while orders carried out via home banking were about 31%.

 

Looking at the geographical distribution of the orders received, it is estimated that domestic investors bought almost entirely the amount issued (around 99%).

 

For the bond, with first accrual date as of the 16th of Novembre 2021 and maturity date as of the 16th of November 2033, the series of definitive annual nominal coupon rates is set by revising upwards the coupon rate valid from the 5th to the 8th year of the bond's life, in order to take into account the evolution of market conditions. Therefore, the definitive coupon rates will be respectively equal to 0.75% for the first four years, 1.35% for the next four years and 1.70% for the last 4 years of the bond’s life.

 

The settlement date coincides with the accrual date.

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