By Emese Bartha
Italy issued 15 billion euros ($16.43 billion) in a dual-tranche bond syndication on Tuesday, including the EUR10 billion launch of new February 2031-dated BTP and the EUR5 billion tap of the 4.50% October 2053 BTP, one of the lead manager banks said.
Books for the new seven-year BTP exceeded EUR73 billion, including EUR3.7 billion joint lead manager demand, while the spread on the bond was set 6 basis points above the yield of the November 2030 BTP, the same bank said. The bond has a 3.50% coupon, and it was priced at 99.880, at a yield of 3.548%.
Books for the tap of October 2053 BTP exceeded EUR91 billion, including EUR4.8 billion joint lead manager demand, while the spread was set 21 bps above the yield of the September 2052 BTP. The issue size of the tap was pre-set ahead of the transaction.
The 2053-dated BTP was priced at 100.560, at a yield of 4.515%, the same bank said.
Lead managers of the transaction were Banca Monte dei Paschi di Siena, Credit Agricole Corp. Investment Bank, Deutsche Bank, Goldman Sachs Bank Europe and J.P. Morgan.
Write to Emese Bartha at emese.bartha@wsj.com
(END) Dow Jones Newswires
01-09-24 1051ET
