The first issue of the year by the Treasury breaks through.
Orders from the 15-year BTP of 10 billion 'size' exceed 105 billion euros.
Ten times the demand and double compared to the 50 billion reached by the 9 billion of the 15-year BTP in February 2020. The share was placed at a price of 99.409 corresponding to an annual gross yield at issue of 0.992%.
In detail, the new issue expires on March 1, 2037, enjoyment on January 12, 2021 and an annual rate of 0.95%, paid in two half-yearly coupons.
The settlement of the transaction is set for 12 January.
Barclays, Hsbc, Morgan Stanley Societe Generale, UniCredit oversaw the placement.
"So much demand is linked to expectations about the pandemic: the longer the market thinks it will go on, the longer it expects support from the European Union and the ECB to go on," said Luca Falco, Head of Capital Markets at UniCredit. What contributes is the fact that "there is no doubt that Italy, in this historical phase, is moving in unison with all the other European countries", adds Falco, noting that "demand obviously comes from Italy, from 'UK where there are the biggest funds, but also from France and Germany. There is also US and Asian participation, but it is a very European demand ", he concludes.
