Rain of orders for the new BTP Green issued by the Ministry of Economy and Finance (MEF) expiring on October 30, 2037: the Treasury has placed 9 billion euroswith a gross yield on issuance of 4.104% and an annual rate of 4.05%, paid in two semi-annual coupons. The MEF itself announced this in a note.
Btp Green, 9 billion placed
The new BTP Green – for the financing of expenses related to the energy transition, bonuses and incentives for energy efficiency and a series of other expenses related to climate change and environmental protection – solicited a very generous application: the title was requested by about 350 investors for a total demand of more than 84 billion euros, the highest ever recorded among BTP Green issues. The participation of ESG (Environmental, Social and Governance) investors who subscribed over the half of the placement.
Overall, the fund managers were allocated the 47.4% of the issue, while the banks subscribed 30.3%. There was a high participation of investors with a long-term investment horizon, who purchased 15.8% of the issue (in particular 9.6% was allocated to pension and insurance funds, 6.2% to central banks and government institutions). Garlic hedge funds only 4% of the total amount was allocated while the residual portion was subscribed by other investors.
Large participation from abroad and ESG investors
At a geographical level, extremely diversified distribution, with a participation that saw the involvement of many 35 countries: foreign investors took up approximately 76.9% of the issue, while domestic investors subscribed to 23.1%.
Among foreign investorsparticularly noteworthy was the share subscribed by investors resident in United Kingdom (about 24.2%). The rest of the placement was allocated largely to continental Europe, and in particular to France (12.4%). in the countries of the Iberian peninsula (11.3%), in the Scandinavian countries (9.3%), in Germany, Austria and Switzerland (6.4%), in Greece (4.9%), in Benelux (2%) and in other European countries (1.3%). Outside of Europe, investors from the United States grabbed around 2.7% of the issue. 1.9% was allocated to the Middle East, while the remaining portion was subscribed by investors resident in Asia.
The placement – we read again in the note released by the MEF – was carried out through the establishment of a union composed of dto BNP Paribas, Crédit Agricole Corp. Inv. Bank, Deutsche Bank AG, NatWest Markets NV and UniCredit SpA who participated as lead managers, while all the other Specialists in Government bonds played the role of co-lead managers of the 'operation.
