By Italy successfully issued €15 billion ($16.43 billion) in a dual-tranche bond syndication on Tuesday, as reported by one of the lead manager banks.
New BTP Launches at €10 Billion
The bond offering consisted of a €10 billion launch of a new February 2031-dated BTP. The book for this seven-year BTP surpassed €73 billion, which included a demand of €3.7 billion from joint lead managers. The spread on this bond was set 6 basis points above the yield of the November 2030 BTP. It carries a coupon of 3.50% and was priced at 99.880, yielding 3.548%.
Tap of the 4.50% October 2053 BTP at €5 Billion
Additionally, a tap of the 4.50% October 2053 BTP was issued for €5 billion. The book for this bond exceeded €91 billion, which included a demand of €4.8 billion from joint lead managers. The spread was set 21 basis points above the yield of the September 2052 BTP. The size of the tap had already been predetermined.
Pricing Details
The October 2053 BTP was priced at 100.560, yielding 4.515%, according to the same bank.
Lead Managers of the Transaction
Banca Monte dei Paschi di Siena, Credit Agricole Corp. Investment Bank, Deutsche Bank, Goldman Sachs Bank Europe, and J.P. Morgan served as lead managers for this transaction.
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