The Btp Italia is also appreciated by foreign funds, accounting for 51.9% of the issue outside the border
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MILAN. It’s called Btp Italia but it is also popular abroad. The second phase of the placement of the six-year bond that links its yield to inflation with a minimum real rate of 1.6%, which took place on Thursday, involved funds, banks and the like: the so-called institutional investors. As is well known, the response was good, doubling that of the June issue. This phase recorded 222 contracts, for a total value of fully accepted demand equal to 4.713 billion euro. With the data from the first placement phase which saw the subscription of the government bond useful for defending the portfolio from the erosion of inflation for another 7.281 billion by the “retail” public of small savers, the overall final funding is about 12 billion. And if the Italian funds, according to data released by the Ministry of the Economy, have subscribed a good part of it, 48.1%, the remaining 51.9% of the issue has been subscribed by foreign investors.
Among them, the largest shares were placed in Europe. The United Kingdom stands out with 20.7%, then Germany and Austria with 16.3%, then Switzerland (4.8%), France (3.7%) and other European countries (1.7%). The remainder of the second phase issue (4.7%) was placed outside Europe, particularly to Middle Eastern investors.
Still with reference to the second phase of placement – reads the note from the ministry in via XX Settembre – the information gathered by the intermediaries shows that, in particular, 40.9% of the amount issued in the second phase was placed with banks while the 39.4% in asset management companies.
Institutional investors with a long-term investment horizon bought 12.2% of the issue: in particular, 6.4% went to pension funds and insurance companies, while 5.8% ended up in the portfolios of government institutions. 7.3% of the total amount was allocated to hedge funds (those with more speculative investment methods). The remaining 0.2% was assigned to non-financial institutions.
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