Italy announces results of switch-tender offer for five securities

Chicago, June 29 – The Republic of Italy announced the results of a switch-tender offer relating to five securities on Wednesday, according to multiple announcements.

The country accepted the following amounts for purchase from two existing floating-rate CCTs, with a cap at an indicative amount of up to €2 billion for each series:

• From the CCT due Dec. 15, 2023 (ISIN: IT0005399230), Italy bought back €1.4 billion at 100.325;

• From the CCT due April 15, 2025 (ISIN: IT0005311508), the issuer bought back €599,995,000 at 101.61.

Italy was also offering to buy back from three series of Buoni del Tesoro Poliennali (BTPs). The offer was also for up to €2 billion indicative amount for each series. Italy announced it repurchased:

• €465 million from the 2.45% BTP due Oct. 1, 2023 (ISIN: IT0005312142) at 99.719;

• €349,999,000 from the 0.65% BTP due Oct. 15, 2023 (ISIN: IT0005215246) at 99.175;

• €796,800,000 from the 0.25% BTP due Nov. 20, 2023 (ISIN: IT0005312142) at 99.335.

The overall buyback totaled €3,611,794,000.

The liability management exercise was being run concurrent to a new offering of CCTeu maturing Oct. 15, 2031. Italy priced €5 billion of such securities at 99.93, or at six-month Euribor plus 114 bps.

The tender offer was conditioned on the new issue.

Tenders were eligible for proration.

The tender offer started on June 28 at 4 a.m. ET. It expired two hours later, at 6 a.m. ET.

Settlement is planned for July 5.

The dealer managers were Banca Monte dei Paschi di Siena SpA (+390288891923, dcm@syndication@mps.it), BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Intesa Sanpaolo SpA (+39 02 7261 4755/5040, IMI-liability.management@intesasanpaolo.com) and UniCredit SpA (+39 02 88620623, agdcfiitaly.uc@unicredit.eu).

The settlement dealer manager is BNP Paribas.

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