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 “STEP” market.

The role of Issue Agent and Principal Paying Agent is managed by Citibank N.A., London Banch.

The notes have been distributed through dealers who sell the paper to investors on behalf of the issuer. The dealers who have signed the Agreement are: BofA Securities, Banca IMI, Barclays, BNP PARIBAS, Citi, Crédit Agricole CIB, Goldman Sachs International, HSBC, J.P. Morgan, MPS Capital Services, NatWest Markets, Nomura, Société Générale Corporate & Investment Banking.