Republic of Italy (ITALY)

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Republic of Italy (ITALY)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	SSA	PRCD	ITALY	Republic of Italy	€17,500		2	EMEA	Apr 15, 2026

Tranche #1Republic of Italy

currency

EUR

size (m)

14,000.000

maturity

Jul 1, 2036

type

Fixed

tenor

10.000

call

registration

144A/Reg S

benchmark

BTP

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB+

fitch

BBB+

size description

re-open/tap

ipt

ipt-pxd

-2

guidance

BTP+8 area

spread

coupon

3.80%

spread set

price

99.73100

yield

3.869%

book size (m)

159,000

peak book (m)

x-covered

11.36

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

159,000

peak book (m)

x-covered

11.36

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #2Republic of Italy

currency

EUR

size (m)

3,500.000

maturity

Feb 15, 2046

type

Fixed

tenor

20.000

call

registration

144A/Reg S

benchmark

BTP

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB+

fitch

BBB+

size description

re-open/tap

ipt

ipt-pxd

-1

guidance

BTP+33 area

spread

coupon

2.25%

spread set

price

99.45900

yield

2.297%

book size (m)

36,000

peak book (m)

x-covered

10.29

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

36,000

peak book (m)

x-covered

10.29

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 159000; First Pay: 2026-07-01; Registration: 144A/Reg S; Comments: EUR14bn 10yr fxd cpn 3.80% at 99.731, yld 3.869%. Spread: BTP+6bps. BTP 3.45% 02/2036 +6bps; Benchmark: 97.37 / 3.809% (HR 105%); Book size: 36000; First Pay: 2026-08-15; Registration: 144A/Reg S; Comments: EUR3.5bn 20yr fxd cpn 2.25% at 99.459, yld 2.297%. Spread: BTP+32bps. BTP 2.4% 05/2039 RY +32bps; Benchmark: 104.96 / 1.977% (HR 126%);

Deal Comments

EUR14bn UPDATE: Spread Set at BTP+6 EUR3.5bn UPDATE: Spread Set at BTP+32

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	PRICED: Republic of Italy €17.5bn 10yr BTP & 20yr BTP€i; BTPS+6bp & BTP€i RY+32bp	Apr 15, 2026
	LAUNCHED: Republic of Italy €17.5bn 10yr BTP & 20yr BTP€i; BTPS+6bp & BTP€i RY+32bp	Apr 15, 2026
	UPDATE: Republic of Italy € bmk 10yr BTP & 20yr BTP€i; Spread set at BTPS+6bp & BTP€i RY+32bp	Apr 15, 2026
	NEW ISSUE: Republic of Italy € bmk 10yr BTP & 20yr BTP€i; BTPS+8a & BTP€i RY+33a	Apr 15, 2026
	MANDATE: The Republic of Italy; 144A/Reg S € bmk 10yr BTP & 20yr BTP€i Offering May Follow	Apr 14, 2026

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Republic of Italy (ITALY)

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