30-year Btp, record requests at 26.5 billion and yield at 4.57% – Corriere.it

Five billion euros issued with the first tranche of the new 30-year BTP. The Treasury note was placed at a price of 99.559, with a gross annual yield on issue of 4.578%, paid in two semi-annual coupons. The transaction was carried out by a syndicate made up of five lead managers: Deutsche Bank, JP Morgan, Nomura Financial Products Europe GmbH, Socit General Investment Banking and UniCredit, and the remaining specialists in Italian government bonds as co-lead managers. The total demand reached 26.5 billion and saw the participation of just under 200 investors. The largest share of the placement was subscribed by the banks (40.4%), while fund managers subscribed 24%.

Investors with a long-term investment horizon bought a significant share of the issue equal to 28.7% (in particular 10.5% went to pension funds and insurance companies, while 18.2% was allocated to government institutions ). 6.5% of the total amount was allocated to hedge funds, while a residual portion of 0.4% was subscribed by non-financial companies. For Pietro Bianculli, head of bond syndicate of UniCredit, despite the yield curves in recent weeks being inverted, with the twenty-year maturity offering higher yields than longer ones, and in a not easy macroeconomic and geopolitical context with which we have to live in this period, the Mef confirmed its ability to identify the right time window to successfully complete a 30-year issue. Foreign investors took over most of the issue: 57.3%, domestic ones 42.7%. Respect the environment: if you don’t need to, do not print this email. Respect the environment: if it is not necessary, don’t print this email.