Commentary & Deal Flow

The Republic of Italy, rated Baa2/BBB+/BBB+/AL/BBB+ by Moody's/S&P/Fitch/DBRS/Scope, has mandated BNP Paribas, BofA Securities, Goldman Sachs Bank Europe SE, J.P. Morgan, Morgan Stanley and Santander as Joint Lead Managers for a dual tranche transaction.

The Reg S, 144A Eligible transaction will consist of a benchmark tap of the 7Y BTPS 3.3% 15-Jun-33 and a €5 billion (will not grow) tap of the 30Y BTPS 4.65% 01-Oct-55. The offering is expected to be launched in the near future, subject to market conditions.

All other Specialists will be invited as Co-Lead Managers. The notes will include CACs and are subject to FCA/ICMA stabilisation. Manufacturer target market (MIFID II product governance) is eligible counterparties, professional and retail (all distribution channels). The auction of the 7-year and long-end scheduled for 11-Jun-26 will not take place.