Introduction section The Medium Term Note Programme
The Medium Term Note Programme
The Instruments (“tranche” as defined in the Simplified Base Prospectus), issued under the MTN Programme, are addressed to investors mostly located in Europe and Asia. Since July 1998, the Republic of Italy can issue “Instruments” by a syndicate of banks or by public offering or as a private placement.
The Instruments are collocated through the banks who have signed the Dealership Agreement as Primary Dealers in Government Bonds and who sell the Instruments to investors on behalf of the issuer as dealers of the MTN Programme.
The debt managers are used to analyse the features of each issuance, which also satisfies the investors’ preferences (“vanilla structures”).
The Simplified Base Prospectus fulfils the Prospectus Directive; it is updated annually in order to admit it and each issuance (Tranche) to trading and listing in the Luxembourg Stock Exchange. The single investor, in case of a private placement may choose another Stock exchange, where having the issuance listed, with the consensus of the Republic.
The role of Fiscal Agent and Paying Agent is managed by Citibank N.A., London Branch.
All the documentation of the MTN Programme is construed in accordance with the Italian Law.