Domestic bonds: Italy, BTPi 1.65r 23apr2020
IT0005012783

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Indexed

Issue

Issuer

M

-

***
S&P

-

***
F

-

***

Status

Matured

Amount

16,764,569,000 EUR

Placement

***

Early redemption

*** (-)

Country of risk

Italy

Current coupon

***%

Price

***%

Yield / Duration

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Issue information

Profile

Italian Bond Market is represented by state, municipal and Italian corporate bonds. According to Cbonds as of 10.03.2019, there are more than 3 thousand Italian bonds in circulation with the total volume equivalent to 2,960 billion US dollars. Local bond market of the country is quite developed and occupies 76% of the total debt market (in terms of the number of issues) whereas Eurobonds accounts for 24%.

The Treasury department that is subordinate to the Ministry of economy and Finance is occupied with issue and management of Italian national debt. Within the structure of the treasury, Directorate II issues government bonds, conducts management of current debt and interacts with the market participants.

Government debt in Italy consists of government bonds of such types:
• BOT (Treasury Bills) – short-term Italian bonds with the 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 the maturity of 24 months, issued at a discount par value.
• CCT/CCTeu (Treasury Certificates) – treasury bonds with floating interest rate and the maturity of 5-7 years. The coupon rate is tied 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 Italy 10 year bond.
• BTP€I (Treasury Bonds Indexed to European Inflation) – long-term treasury bonds tied 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".

Italian government bonds are usually distributed as follows via a public auction, via underwriting syndicate and via electronic trading platforms. The Treasury usually distributes state bonds via Italy bond auctions with only occasional primary distributions via syndications. With the introduction of the BTP Italia type, the Treasury also began to conduct distributions via Italian exchange platform.

Concerning the distribution of Italian sovereign debt auctions are held in two types "a competitive yield auction" and "a marginal price auction". BOT are distributed via a competitive yield auction and long-term bonds are distributed via a marginal price auction. Annually Treasury publishes a calendar of bonds distribution for the next year.

The main indicators of the Italy debt market as of 10.03.2019:
• Italy debt to GDP ratio: 132.1%;
• Italy bond spread (BTP) to the German Treasury bonds: 241.98 bps;
• Italy 10 year bond yield: 2.5%. Current Italy yield curve and Italian bond yields are available at "Market maps" section of the Cbonds site.

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Issuer

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Italy
Full issuer name

Italy
Sector

sovereign

Volume

Amount

20,564,569,000 EUR
Outstanding amount

16,764,569,000 EUR

Nominal

Nominal

1,000 EUR
Outstanding face value

*** EUR
Par amount, integral multiple

*** EUR

Cash flow parameters

Indexation

Indexed to Italian inflation
Reference rate

***
Coupon Rate

***

Day count fraction

***
Interest Accrual Date

***
Coupon frequency

*** time(s) per year
Payment currency

***
Delay days

*** days
Maturity date

***
Early redemption date

***

Cash flow

Early redemption terms

***

Auctions and additional placements

DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS

High performance interface for global bond market screening
Full information on close to 400,000 bonds from 180 countries
100% coverage of Eurobonds worldwide
Over 300 primary sources of prices
Ratings data from all international and local ratings agencies
Stock market data from 60 world trading floors
Intuitive, high speed user interface
Data access via the website, mobile application and add-in for Microsoft Excel

Placement

Placement method

Open subscription
Placement type

Public
Order book

*** (***) - *** (***)
Coupon (Yield) Guidance

***% - ***% (*** - ***%)
Issuer rating on issue date (M/S&P/F)

*** / *** / ***
Placement

*** - ***
Initial issue price (yield)

(***%)
Bids

*** EUR
Number of bids

***
Geographic breakdown

***
Investor breakdown

***
Listing

***

Participants

Bookrunner

***, ***
Depository

***

Conversion and exchange

Convertion date

***
Initial premium

***%
Convertible until

***
Lock-up

*** days
Conversion terms

... ***

Additional information

***

Latest issues

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News

21/10/2020	The second issue of the BTP Futura
15/10/2020	Italy placed its first interest-free BTP
16/07/2020	BTP Futura: placement results
13/07/2020	Fitch Ratings affirms Italy at "BBB-" (LT Int. Scale (foreign curr.) credit rating); outlook stable
13/07/2020	Fitch Ratings affirms Italy at "BBB-" (LT Int. Scale (local curr.) credit rating); outlook stable
31/05/2020	New bond issue: Italy issued international bonds (XS2181364436) with a 0% coupon for EUR 2,000.0m maturing in 2021
15/05/2020	Scope revises the Outlook on Italy’s BBB+ long-term ratings to Negative
30/04/2020	Fitch Ratings downgrades LT Int. Scale (foreign curr.) credit rating of Italy to "BBB-"; outlook stable
30/04/2020	Fitch Ratings downgrades LT Int. Scale (local curr.) credit rating of Italy to "BBB-"; outlook stable
10/02/2020	Fitch Ratings affirms Italy at "BBB" (LT Int. Scale (foreign curr.) credit rating); outlook negative

All organization news

Identifiers

Registration

***
Date of program registration

***
ISIN

IT0005012783
CUSIP

***
CUSIP 144A

***
CFI

DBVUFB
FIGI

BBG0066J66X2
WKN

A1ZHGB
Ticker

BTPS 1.65 04/23/20 ICPI
Type of security by CBR

***

Ratings

Issue ratings

Issuer ratings

Bond classification

Coupon bonds
Bonds
Bearer
Indexed
Redemption Linked
Amortization
CDO
Convertible
Dual currency bonds
For qualified investors
Foreign bonds
Green bonds
Supranational bond issues
Mortgage bonds
Perpetual
Payment-in-kind
Non-Marketable Securities
Restructuring
Retail bonds
Covered
Securitization
Structured product
Subordinated
Sukuk
Trace-eligible

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Restructuring

***

Domestic bonds: Italy, BTPi 1.65r 23apr2020IT0005012783

Trading chart

Issue information

Cash flow parameters

Cash flow

Early redemption terms

Auctions and additional placements

Placement

Conversion and exchange

Additional information

Latest issues

News

Identifiers

Ratings

Bond classification

Restructuring

Domestic bonds: Italy, BTPi 1.65r 23apr2020
IT0005012783