The Ministry of Economy and Finance has announced the details of the syndicated issue of the new 10-year BTP benchmark, with maturity on 1 December 2031 and an annual coupon of 0.95%.
Over 330 investors participated in the operation for a total demand of approximately € 67.7 billion. The largest share of the placement was underwritten by fund managers (60.6%), while the banks underwrote 22.3%. Investors with a long-term investment horizon bought 11.2% of the issue (in particular 5.8% went to pension funds and insurance, while 5.4% was allocated to government institutions). 5.9% of the total amount was allocated to hedge funds.
The geographical distribution of the share was extremely diversified, with a participation that saw the involvement of about 35 countries: foreign investors won most of the issue (85.4%), while domestic investors subscribed to the share. 14.6%. Among foreign investors, the largest share of the placement, around 80%, was subscribed by European investors, in particular from the United Kingdom (43.1%), Germany, Austria and Switzerland (11.3%), Iberian Peninsula (8.6%), France (6.8%), Scandinavian countries (6.7%), Central and Eastern European countries (1.3%) and other European countries (2.2%). The remaining portion of the issue, equal to 5.4%, was placed outside Europe, in particular in North America (2.3%) and Asia (3.1%).
Treasury: here are the details of the placement of the new 10-year BTP with an annual coupon of 0.95%
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