Italian regions tender for eight euro, dollar note series until Dec. 9

By Susanna Moon

Chicago, Nov. 30 – Regione Campania, Regione Lazio, Regione Liguria, Regione Lombardia, Regione Marche and Regione Puglia began tender offers for several series of notes.

For seven of the note series, pricing will be set at 5 a.m. ET on Dec. 11 using the interpolated mid-swap rate plus a purchase spread as follows:

• 42 basis points for Regione Campania’s €1.09 billion 4.849% notes due 2026;

• 47 bps for Regione Campania’s $1 billion 6.262% notes due 2036;

• 42 bps for Regione Lazio’s €250 million 5.695% notes due June 23, 2028;

• 42 bps for Regione Lazio’s €800 million 5.695% notes due June 23, 2028;

• 29 bps for Regione Liguria’s €420 million 4.795% notes due Nov. 22, 2034;

• 55 bps for Regione Lombardia’s $1 billion 5.804% notes due 2032; and

• 34 bps for Regione Marche’s €400 million (€382.51 million outstanding) 4.6478% notes due 2023.

For Regione Puglia’s €870 million floating-rate notes due 2023, the purchase price will be €990 for each €1,000 principal amount of notes.

Regione Campania will only accept tenders for the Regulation S 2036 notes with the ISIN number XS0259657954 and will not accept tenders for the Rule 144A 2036 notes with the ISIN number US134029AA51, according to a tender announcement. As of Nov. 24, there were none of the Rule 144A 2036 notes outstanding.

The offers are being made as part of each region’s active management of its liabilities under article 45 and the offers also provide some liquidity to noteholders, the release noted.

The tender offers began Nov. 25 and will run until 11 a.m. ET on Dec. 9, with settlement following on Dec. 16.

Barclays Bank plc (+44 0 20 3134 8515 or eu.lm@barclays.com), BNP Paribas, London Branch (+44 0 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 0 20 7986 8969 or liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (+44 0 20 7545 8011 or liability.management@db.com) are the dealer managers.

Lucid Issuer Services Ltd. (Thomas Choquet, +44 207 704 0880 or italianregions@lucid-is.com) is the tender agent.

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