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by Oleksandr Vynychuk

Jul 07, 2026 3:17 AM ET

GUIDANCE: Republic of Italy US$ bmk 5yr, 10yr & 30yr Sr Unsec; MS+70a, MS+110a & MS+185a

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

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

IOIs >$7.5bn (ex JLM)

Guidance: 5yr: MS+70a (~CT5+43) / 10yr: MS+110a (~CT10+70) / 30yr: MS+185a (~CT30+112) - IOIs >$7.5bn (ex JLM)

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
Settlement: 14-Jul-26 (T+5)
Maturity:
- 5yr: 14-Jul-31
- 10yr: 14-Jul-36
- 30yr: 14-Jul-56
Coupon: TBD, semi-annual, 30/360 (all tranches)
Guidance:
- 5yr: MS+70a (~CT5+43)
- 10yr: MS+110a (~CT10+70)
- 30yr: MS+185a (~CT30+112)
IOIs:
- 5yr: >$3.1bn (ex JLM)
- 10yr: >$2.6bn (ex JLM)
- 30yr: >$1.8bn (ex JLM)
ISINs:
- RegS: TBD
- 144A: US465410CE68 (5yr) / US465410CF34 (10yr) / US465410CG17 (30yr)
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: Books open, pricing later today