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Domestic bonds: Italy, BTP 2.8% 1mar2067, EUR (IT0005217390)

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Senior Unsecured

Issue | Issuer
Issuer
  • JCRA
    -  | ***
    ***
  • Scope
    BBB+  | ***
    ***
Status
Outstanding
Amount
9,633,000,000 EUR
Placement
03/10/2016
Redemption (put/call option)
01/03/2067 (-)
ACI on
Country of risk
Italy
Current coupon
2.80%
Price
72.985%
Yield / Duration
4.207% MATURITY / 21.99
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  • Placement amount
    9,633,000,000 EUR
  • Outstanding amount
    9,633,000,000 EUR
  • USD equivalent
    10,253,268,870 USD
  • Face value
    1,000 EUR
  • ISIN
    IT0005217390
  • CFI
    DBFTFB
  • FIGI
    BBG00DYBZHY6
  • SEDOL
    BD3VHH6
  • Ticker
    BTPS 2.8 03/01/67 50Y

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Issue information

Profile
The Italian Bond Market is represented by government, municipal and Italian corporate bonds. The issue and management of Italian national debt are a task of the Treasury department, which is subordinated to the Ministry of ...
The Italian Bond Market is represented by government, municipal and Italian corporate bonds.

The issue and management of Italian national debt are a task of the Treasury department, which is subordinated to the Ministry of Economy and Finance (MEF). Within the organizational structure of the Treasury, Directorate II issues government bonds, conducts the management of current debt and interacts with market participants.

Government debt in Italy consists of government bonds of the following types:
BOT (Treasury Bills) - short-term Italian bonds with a maturity period of 3, 6, 12 months, issued at a discount par value.
CTZ (Zero Coupon Treasury bonds) - treasury bonds with a zero coupon and a maturity of 24 months, issued at a discount par value. Since 2021, this type of bond has been replaced by BTP Short Term (depending on the issue they can have coupons or be zero-coupon bonds; maturity: from 18 to 30 months) and it is no longer issued by the Ministry of Economy and Finance.
CCT/CCTeu (Treasury Certificates) - treasury bonds with a floating interest rate and a maturity of 5-7 years. The coupon rate is linked to the 6-month BOT auction rate or the 6-month EURIBOR rate.
BTP (Treasury Bonds / BTP Italian bonds) - classic coupon bonds, Italian treasury bonds with a maturity of 3, 5, 7, 10, 15, 20, 30 and 50 years. The main benchmark of the market is the Italy 10 Years Government Bond yield (BTP 10-years).
BTP Green - new sustainable finance government bonds designed to support, through their proceeds, public expenditures with positive environmental impact, and to contribute at the same time to the country's ecological transition.
BTPI (Treasury Bonds Indexed to European Inflation) long-term treasury bonds linked to the Eurostat Harmonized Index of Consumer Prices (HICP).
BTP Italia (Treasury Bonds Indexed to Italian Inflation) - Italian treasury bonds tied to inflation in Italy and created specifically for retail investors. Both coupon payment and nominal payment are tied to the "FOI national index", "Prezzi al consumo per le Famiglie di Operai e Impiegati".
BTP Futura - government securities reserved exclusively to individual savers and other similarly classified investors (the so-called retail market). They are called "Futura" (Future) because they are designed to protect savings and at the same time to support the "future of the country", with particular reference to overcoming the healthcare and economic crisis caused by COVID-19.
BTP Valore - a new family of government bonds dedicated exclusively to individual investors and other similarly-classified persons (i.e. retail market). This type of bonds has coupons which are calculated according to an increasing coupon rate progression (the so-called step-up mechanism), with an additional "loyalty bonus" (premio fedelta) for those who will hold the bonds until maturity.

Italian government bonds are usually placed as follows: via public auction, via a syndicate of investment banks, and via electronic trading platforms. The Treasury usually places government bonds through Italy bond auctions with only occasional initial offerings via syndications. With the introduction of the BTP Italia type, the Treasury also began to conduct placements via the Italian exchange platform.

Concerning the placement of Italian sovereign debt, there are two different types of auction: a "competitive yield auction" and a "marginal price auction". BOTs are placed via a competitive yield auction, while long-term bonds are placed via a marginal price auction. Every year the Treasury publishes the auction calendar of bonds placement for the following year.

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  • Issuer
    Go to the issuer page
    Italy
  • Full borrower / issuer name
    Italy
  • Sector
    Sovereign
Volume
  • Placement amount
    9,633,000,000 EUR
  • Outstanding amount
    9,633,000,000 EUR
  • Outstanding face value amount
    9,633,000,000 EUR
  • USD equivalent
    10,253,268,870 USD
Face value
  • Face value
    1,000 EUR
  • Outstanding face value
    1,000 EUR
  • Increment
    1,000 EUR

Cash flow parameters

  • Coupon Rate
    2.8%
  • Day count convention
    Actual/Actual (ICMA)
  • Interest Accrual Date
    01/09/2016
  • Coupon frequency
    2 time(s) per year
  • Redemption price
    100%
  • Maturity date
    01/03/2067

Cash flow

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Placement

  • Placement method
    Open subscription
  • Placement
    03/10/2016 - 03/10/2016
  • Initial issue amount
    5,000,000,000 EUR
  • Initial issue price (yield)
    99.194%
  • Settlement Duration
    27.24 years
  • Bids
    18,555,382,000 EUR
  • Geographic breakdown
    the placement has been extremely diversified with foreign investors (around 83.2%) overtaking domestic ones (around 16.8%). Among foreign investors, the most relevant quota have been allotted to UK (around 32.1%) and continental Europe (about 35.1%). Within this area the shares of Germany/Austria (11.5%), Scandinavian countries (7.2%), France (6.3%), Iberian peninsula (4.9%) and Switzerland (2.4%) have been noteworthy. Outside Europe, also relevant has been the presence of North America (US and Canada) investors that have received around 12.5% of the amount issued. Finally Asian investors have been allotted around 3.4% of the issuance.
  • Investor breakdown
    Fund managers have been allotted about 45.1% of the total amount issued, while 23% has been subscribed by banks. Investors with a long-term investment horizon bought a relevant 17.2% of the placement (in particular, pension funds and insurance companies 13.3% while central banks and official institutions 3.9%). Hedge funds have been allotted about 14.5% of the total amount issued.
Participants
  • Depository
    Monte Titoli

Additional information

Latest issues

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News

12/04/2024 New issue: Italy issued bonds (IT0005592370) in the amount of EUR 8000 mln maturing in 2025
01/04/2024 New issue: Italy issued bonds (IT0005589046) in the amount of EUR 7700 mln maturing in 2024
22/03/2024 New issue: Italy issued bonds (IT0005588881) with the coupon rate of 1.8% in the amount of EUR 5000 mln maturing in 2036
18/03/2024 New issue: Italy issued bonds (IT0005586349) in the amount of EUR 7500 mln maturing in 2025
01/03/2024 New issue: Italy issued bonds (IT0005583478) in the amount of EUR 1000 mln maturing in 2030
All organization news

Related entities on 08/11/2021

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In which the company has interests

Identifiers

  • ISIN
    IT0005217390
  • CFI
    DBFTFB
  • FIGI
    BBG00DYBZHY6
  • WKN
    A187GC
  • SEDOL
    BD3VHH6
  • Ticker
    BTPS 2.8 03/01/67 50Y
  • Type of security by CBR
    BON5

Ratings

Bond classification

  • Senior Unsecured
  • Coupon bonds
  • Bearer
  • BTP
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Variable rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Guaranteed
  • Inflation-linked principal
  • Supranational bond issues
  • Inflation-linked coupon
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Commercial Bonds
  • Subordinated
  • Sukuk
  • Trace-eligible
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