The backlash of institutional investors is not enough to redeem the disappointment of the lowest ever retail demand. The 14th placement of the Btp Italia goes on file with total funding of 2,16 billion euros.
To the 863 million euro raised in the three days of the offer reserved for retail, the 1,3 billion euro placed today by the Treasury with institutional investors was added.
In terms of the total amount placed, this 14th issue - albeit very disappointing - still manages to do better than the second, dating back to June 2012, when the account stopped at 1,738 billion.
But be careful: the second Btp Italia is the one that has guaranteed the highest yield among those of similar securities that have reached maturity so far (3,88% annualized).
It cannot be ruled out that even on this occasion retail investors have missed an opportunity in front of a bond that guarantees a real coupon of 1,45% (to which the Italian inflation rate Foi ex-tobacco will then be added) never seen in the last 4 years.
