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Ministero dell'economia e delle finanzePlacement Result of the 5 Year BTP Indexed to the Euro Area Inflation

Comunicato Stampa del 10/09/2003

Rome, 10 september 2003

Placement Result of the 5 Year BTP Indexed to the Euro Area Inflation

The Ministry of Economy and Finance (MEF) announces the results of the placement of the new 5 year BTP indexed to the Euro Area inflation.

The BTP matures on the 15th September 2008 and has a real 1.65% annual coupon.

It has been a 7 billion Euro issue, with a total amount requested well above 11bill. The re-offer price of 99.79 (equivalent to a 1.694% gross real yield, calculated on a s.a. basis).

The offering size was well above the expectations. Such amount has been allotted in order to satisfy the high demand coming from a wide and diversified range of investors and to guarantee a regular activity on the secondary market.

More than 220 investors as insurance companies, web based retail networks, banks, pension and investment funds have taken part in the placement procedure.

The geographic distribution has been featured by a vast participation of Italian investors. Remarkable has been also the demand coming from all other European and US investors.

The bond has been sold through a syndicate. The syndicate was structured with three lead managers, Banca IMI, MCC-Capitalia and Morgan Stanley. All the other Government Bond Specialists have been taking part in the placing procedure acting as co-managers.

10/09/2003

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