MILAN, Nov. 18 (Class Editori) -- Dollar-denominated SEC Registered Global bond mainly attracted Asian investors. 44% of the placement details of the yndicated reopening of the 30-year U.S. dollar-denominated SEC Registered Global bond has been allotted into Asia, "which represented the largest allocation into this region since Italy re-accessed the dollar market in 2019," as explained by the Ministry of Economy and Finance in a note. Accounts in Europe were allocated 28% — among which Italian investors with 14% —, 17% in Americas, 9% in the UK and 2% in Middle East and Africa.
The bond was issued for the first time on April 27, 2021, with a 3.875% annual coupon, paid on a semi-annual basis and was then reopened for an amount of 1 billion dollars against a total demand of 2,2 billion dollars before the setting of the final yield at issuance.
The distribution by investor type has been: Pension Funds and Insurance Companies 62%, Fund Managers 26%, Banks 9%, Central Banks and Official Institutions 2% and Hedge Funds 1%.
The bond has been placed through a syndicate structured with three lead managers, BNP Paribas, Citigroup Global Markets Europe AG e HSBC Continental Europe, while the remaining Specialists in Italian Government Bonds participated as co-lead managers.
The proceeds of the bond offering will be used for general purposes of the issuer, including debt management purposes. In last April, the new BTP issuance was well received by the market. The total placement amounted to 3.5 billion, divided into two tranches: a three-year one (2 billion) and a 30-year one (1.5 billion). The demand for the new 30-year BTP was particularly significant, with total requests for around 6.2 billion, while the 3-year bond received requests for almost 5 billion.
(Source:Class Editori)
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