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by Chris Reich

Jul 06, 2026 8:54 AM ET

NEW ISSUE: Rep of Italy US$ bmk 5yr, 10yr & 30yr Sr Unsec; MS+70-75 & MS+110-115 & MS+185-190

IGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	IPT
Republic of Italy	5yr	14-Jul-31	bmk	Sr Unsec	Fixed	MS+70-75
Republic of Italy	10yr	14-Jul-36	bmk	Sr Unsec	Fixed	MS+110-115
Republic of Italy	30yr	14-Jul-56	bmk	Sr Unsec	Fixed	MS+185-190

IPTs: 5yr: MS+70-75bp (~CT5+43-48) 10yr: MS+110-115bp (~CT10+70-75) 30yr: MS+185-190bp (~CT30+112-117)

Issuer: Republic of Italy
Ticker: ITALY
Issuer Ratings: Baa2/BBB+/BBB+/AL/BBB+ (Moody's/S&P/Fitch/DBRS - stab/pos/stab/stab/pos)
Status of Notes: Senior, Unsecured, Unsubordinated
Format: Reg S/144A
Currency: US$
Size: Benchmark
Coupon: TBD, semi-annual, 30/360 (all tranches)
Listing: Luxembourg Stock Exchange, Regulated Market
Denominations/Governing Law: $200,000 + $1,000 / Italian Law
Delivery: Reg S: Euroclear/Clearstream, 144A: DTC
Docs: Issued under the Republic of Italy Programme for the Issuance of Debt Instruments' Simplified Base Prospectus dated 26-Feb-26, and the Pricing Supplement of the Instruments
UoP: General Funding Purposes
Bookrunners: BofA/Citi/GSBE SE/MS (B&D)
Target Market: Retail, professional and eligible counterparties (all distribution channels)
Timing: Taking IOIs, expect pricing tomorrow
Settle: 14-Jul-26 (T+5)