Commentary & Deal Flow

Reoffer: 12yr: BTP+9bp / 99.591 / 4.492%
Benchmark: 12yr: BTP 4.05% Oct-37 @ 97.34 / BTP+9bp / HR 108%

12yr: Final Books in excess of €112bn (incl. €2.85bn JLM interest)

Launched: 12yr: €8bn @ BTP+9bp - Orderbook closed in excess of €112bn (incl. €2.85bn JLM interest)
Spread set at: 12yr: BTP+9bp - Orderbook in excess of €90bn at guidance pre-rec (excl. JLM interest)
Guidance: 12yr: BTP+11a

• 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
• Size: €8bn
• Maturity: 30-Oct-38 (12yr)
• Settlement: 29-Sep-26 (T+5)
• Coupon: 4.40%, S/A ACT/ACT. Short first on 30-Oct-26
• BTP ref: BTP 4.05% Oct-37 (Spot: / 97.34% / 4.402/ HR = 108)
• Reoffer spread: BTP 4.05% Oct-37 + 9 bps
• Reoffer price: 99.591%
• Reoffer yield: 4.492%
• ISIN: IT0005733099
• Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market), also trading on MTS
• Denoms: €1k + €1k
• Law: Italian Law
• Docs: Domestic, Standalone
• Use of Proceeds: The proceeds will be used in accordance with Italy’s Framework for the Issuance of Sovereign Green Bonds (https://www.dt.mef.gov.it/en/debito_pubblico/titoli_di_stato/quali_sono_titoli/btp_green/)
• Target Market: The target market (MIFID II and UK MIFIR product governance) is eligible counterparties, professional and retail (all distribution channels)
• Joint Lead Managers: Barclays, BNP Paribas, Deutsche Bank (DM/B&D), IMI-Intesa Sanpaolo, J.P. Morgan and Société Générale
• Timing: Priced. TOE 1.26 UKT / 2.26 CET / FTT Immediately