“In the week of October 20, although we wish we could have done it a little earlier, we will issue the new BTP Italy”. This was announced by Maria Cannata, general manager of the public debt division of the Treasury, on the sidelines of the Euromoney conference in Milan.
In this new operation, Cannata specified, “the real novelty is a ceiling for institutional investors. The rest will remain the same as the April issue”.
In its latest version, the BTP Italia had a duration of six years and was indexed to Italian inflation. It could be subscribed to on the Mot, through a bank or an online broker, with a minimum denomination of one thousand euros, and it offered a real minimum annual coupon to protect against high prices.
“Together with Borsa Italiana – continued Cannata – we have set up a distribution mechanism for the institutional component, which we will then have to see if it is needed, with the drop in yields”.
Regarding the reasons for the allotment mechanism, Cannata explained: “The institutional ones came in an avalanche: in April in the first 40 minutes we made 10,5 billion and this went beyond our objectives. We will see how the retail part goes and on the basis of that we will set a maximum cap, after which there will be the allotment, with the usual mechanisms used in placements".
