Commentary & Deal Flow

The Republic of Italy, (country: Italy) rated Baa2/BBB+/BBB+/AL/BBB+ (Moody's/S&P/Fitch/DBRS/Scope), has mandated Citigroup, Crédit Agricole CIB, Deutsche Bank, IMI-Intesa Sanpaolo, Santander and Société Générale as Joint Lead Managers for a dual tranche transaction.

A 144A Eligible/Reg S, € benchmark offering consisting of a new 10-year BTP (maturing 01-Jul-36) and a new 20-year BTP€i inflation-linked note (maturing 15-Feb-46) is expected to be launched in the near future, subject to market conditions. The 20-year BTP€i will be linked to the eurozone HICP ex-tobacco.

• Co-Lead Managers: All other Specialists will be invited as Co-Lead Managers.
• Notes: CACs. FCA/ICMA stabilisation.
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties, professional and retail (all distribution channels).
• Auction Update: The auction of the BTP€i scheduled for 24-Apr-26 will not take place.