Sottoscrizione al contenuto The Medium Term Note Programme

Introduction section The Medium Term Note Programme

The Medium Term Note Programme

The Medium Term Note Program

The Instruments (“tranche” as defined in the Simplified 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 banks have to underwrite an agreement with the Republic (Dealers’ Agreement), in order to collocate the issuances.

The debt managers are used to analyse the features of each issuance, which also satisfies the investors’ preferences (“vanilla structures”).

The Simplified 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.

All the documentation of the Programme is construed in accordance to Italian Law.



2 mld cms 10 Y 1^ tranche
15/06/2005 - 15/06/2020

500 mln cms 10Y 2^ tranche
15/06/2005 - 15/06/2020



250 mln 5,25%
29/07/2004 - 07/12/2034

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