Introduction section Commercial Paper Programme
Commercial Paper Programme
The Treasury has been constantly tapping foreign money markets through its Commercial Paper Programme in recent years. Thanks to its extreme flexibility, terms and maturity dates of CP have been structured precisely to meet both the cash-flow needs of the Treasury and the amount to be invested and the credit requirements of investors. The Notes may be issued up to the maximum outstanding amount at 20 billion Euros.
Furthermore both the Programme and each Commercial Paper are eligible as collateral purposes in liquidity operations of the Eurosystem, because the Programme has obtained the “STEP label”, that means it will be listed on Short-Term European Papers Market – “STEP” Market.
The notes are distributed through the banks who have signed the Dealer Agreement and who sell the Commercial Papers to investors on behalf of the issuer as dealers of the Commercial Paper Programme.
The role of Issue Agent and Principal Paying Agent is managed by Citibank N.A., London Branch.
All the documentation of the Commercial Paper Programme is construed in accordance with the Italian Law.