Commentary & Deal Flow

Reoffer: 7yr: BTP+6 / 98.597 / 3.559% 29yr: BTP+5 / 100.631 / 4.663%
Benchmark: 7yr: BTPS 3.15% 03/2033 @ 98.09 / 3.499% / HR 105% 29yr: BTPS 4.30% 10/2054 @ 95.86 / 4.613% / HR 103%

7yr: Final books at reoffer over €128bn (incl. €7.245bn JLM)
29yr: Final books at reoffer over €112bn (incl. €5.645bn JLM)

Launched:
7yr: €13bn @ BTP+6bp - Books over €128bn (incl. €7.245bn JLM)
29yr: €5bn @ BTP+5bp - Books over €112bn (incl. €5.645bn JLM)
Spread set at: 7yr: BTP+6bp - Book in excess of €100bn (incl. €7.245bn JLM) | 29yr: BTP+5bp - Book in excess of €85bn (incl. €5.645bn JLM)

• 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 (Reg S in dematerialised book entry form), 144A eligible, CACs
• Settlement: 16-Jun-26 (T+5)
• Tranche:
• • 7yr: BTPS 3.30% 15-Jun-33 tap
  • 29yr: BTPS 4.65% 1-Oct-55 tap
• Size:
• • 7yr: €13bn
  • 29yr: €5bn
• Maturity:
• • 7yr: 15-Jun-33
  • 29yr: 01-Oct-55
• Coupon:
• • 7yr: 3.30%, S/A ACT/ACT. (1 day accrued)
  • 29yr: 4.65%, S/A ACT/ACT (76 days accrued)
• Spread:
• • 7yr: BTPS 3.15% 03/2033 +6bps
  • 29yr: BTPS 4.30% 10/2054 +5bps
• Benchmark:
• • 7yr: 98.09 / 3.499% (ANN), HR 105%
  • 29yr: 95.86 / 4.613% (ANN), HR 103%
• Reoffer:
• • 7yr: 98.597 / 3.559% (ANN)
  • 29yr: 100.631 / 4.663% (ANN)
• ISIN:
• • 7yr: IT0005704868
  • 29yr: IT0005668238 (both funge immediately)
• Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market), also trading on MTS
• Denoms: €1k + €1k
• 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: BNPP / BofA / GSBE (B&D/DM) / JPM / MS / Santander
• Timing: Priced, TOE 13:50 UKT, FTT immediately