The Ministry of Economy and Finance has placed 17 billion btp gathering one overall demand greater than 214 billion euro. This is the result of the dual tranche issuance through the union of a new 5 -year BTP and the reopening of the BTP Green 30 October 2037.
Are the first emissions aimed at institutional investors only After the positive vote on the Italian debt of rating agencies and arrived immediately after the placement of the BTP Italia indexed to inflation.
The results of the placement
As for the new BTP at 5 years old, The title has Despite 1 October 2030enjoyment of 11 June 2025 and annual rate of 2.70%, paid in two half -yearly coupons. The amount issued was equal to 12 billion euro against a demand of around 120 billion euros. The title was placed at the price of 99.761 corresponding to an annual gross return on the issue of 2.768%.
The BTP Green instead expires 30 October 2037enjoyment April 30, 2025 and an annual rate of 4.05%, paid in two half -yearly coupons. The amount issued was equal to 5 billion euro against a application for over 90 billion euros. The security was placed at a price of 103.866 corresponding to a gross return on the issue of 3.692%. The regulation of the aforementioned operations is set for June 11th.
The union
The placement was carried out by a unionconsisting of six Lead Manager, Banco Santander, Barclays Bank Ireland, BNP Paribas, Bofa Securities Europe, Crédit Agricola and Société Générale. To report, as for all other government bonds, the reduced tax of capital income on government bonds at 12.5%. Similarly to all other government bonds, BTPs are also not subject to succession tax.
The effect of the improvement of Italy rating
Moody’s Less than two weeks ago he decided to bring The Outlook on Italy positively from stablewhile confirming the Baa3 rating. The uplook upgrade reflects the improvement of budget perspectivesin a context of tax performance better than expected in 2024 and of a Stable internal political contextwhich increases the probability that the budget indicators continue to improve, in line with the medium -term budget plan of the government. The positive prospects are also supported by a solid labor marketby solid budgets of families and businesses and by a Healthy banking sector.
A month ago also S & p has decided to Raising the rating of Italy bringing it from BBB to BBB+ with stable outlook. The rating agency explained with political stability and markets.
Goldman Sachs’ good judgment
Just yesterday, the American business bank Goldman Sachs expressed a Very positive judgment on Italian BTPsnoting that the spread has fallen to the minimums of the last five years and enhancing three factors that positively influence the trend of the differential with the German bund: the government stabilitythe improvement of public accounts and i Royal rates which are confirmed lower than the pre-plating period.
