Commentary & Deal Flow

Launched:
10yr: €14bn @ BTPS+6bp - Orderbooks closed in excess of €159bn+ (incl. €7.2bn JLM interest)
20yr: €3.5bn @ BTP€i RY+32bp - Orderbooks closed in excess of €36bn+ (incl. €2.8bn JLM interest)

Spread set at: 10yr: BTPS+6bp - Orderbooks in excess of €100bn+ (incl. €7.2bn JLM interest) 20yr: BTP€i RY+32bp - Orderbooks in excess of €21bn+ (incl. €2.8bn JLM interest)
Guidance: 10yr: BTPS+8a 20yr: BTP€i RY+33a

• Issuer: Republic of Italy
• Ratings: Baa2/BBB+/BBB+/AL/BBB+ (Moody's/S&P/Fitch/DBRS/Scope)
• Format: Buoni del Tesoro Poliennali (RegS in dematerialised book entry form), 144A eligible, CACs
• Settlement: 22-Apr-26 (T+5)
• Size: €14bn (10yr) / €3.5bn (20yr)
• Maturity:
• • 10yr: 01-Jul-36
  • 20yr: 15-Feb-46
• Coupon:
• • 10yr: Fixed, S/A ACT/ACT. Short first on 01-Jul-26
  • 20yr: Fixed, S/A ACT/ACT. Full first on 15-Aug-26. Coupon Linked to the European Consumer Price Index ex Tobacco (HICPxT)
• Spread Set:
• • 10yr: BTPS 3.45% 02/2036 +6bps
  • 20yr: BTP€i 2.4% 05/2039 RY +32bps
• Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market), also trading on MTS
• Denominations: €1,000 + €1,000
• Governing Law: Italian Law
• Docs: Domestic, Standalone
• Target Market: The target market (MIFID II and UK MIFIR product governance) is eligible counterparties, professional and retail (all distribution channels).
• Bookrunners: Citigroup, Crédit Agricole CIB, Deutsche Bank (DM/B&D), IMI-Intesa Sanpaolo, Santander, Société Générale
• Schedule: Books open, Today's business. Orderbooks to close at 09:45 UKT / 10:45 CET.