Commentary & Deal Flow

Reoffer: 10yr: BTPS+6bp / 99.731 / 3.869% 20yr: BTP€i RY+32bp / 99.459 / 2.297%
Benchmark: 10yr: BTPS 3.45% 01-Feb-36 @ 97.37 / 3.809% (HR 105%) 20yr: BTP€i 2.4% 15-May-39 @ 104.96 / 1.977% (HR 126%)

Tranche 1 (10yr): Final Books in excess of €159bn+ (incl. €7.2bn JLM interest)
Tranche 2 (20yr): Final Books in excess of €36bn+ (incl. €2.8bn JLM interest)

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+ (stab/pos/stab/stab/pos) by Moody's/S&P/Fitch/DBRS/Scope
• Format: Buoni del Tesoro Poliennali (RegS in dematerialised book entry form), 144A eligible, CACs
• Size:
• • 10yr: €14bn
  • 20yr: €3.5bn
• Settlement: 22-Apr-26 (T+5)
• Maturity:
• • 10yr: 01-Jul-36
  • 20yr: 15-Feb-46
• Coupon:
• • 10yr: 3.8% Fixed, S/A ACT/ACT. Short first on 01-Jul-26
  • 20yr: 2.25% Fixed, S/A ACT/ACT. Full first on 15-Aug-26. Coupon Linked to the European Consumer Price Index ex Tobacco (HICPxT)
• Spread:
• • 10yr: BTPS 3.45% 01-Feb-36 +6bps
  • 20yr: BTP€i 2.4% 15-May-39 RY +32bps
• Reoffer:
• • 10yr: 99.731 / 3.869%
  • 20yr: 99.459 / 2.297%
• 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
• Timing: Priced. TOE 12.26 CET / 13:26 UKT, FTT immediately