New Issue: Italy sells $3 billion 1.25% notes due 2026 at 99.638 to yield 1.322%

By Devika Patel

Knoxville, Tenn., Nov. 18 – Italy (Baa3/BBB/BBB-) priced $3 billion of 1.25% notes due Feb. 17, 2026 on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.638 to yield 1.322%, or a 93.55 bps over Treasuries.

Barclays, BofA Securities Europe SA, Goldman Sachs Bank Europe SE, BNP Paribas, Citigroup Global Markets Ltd., Credit Agricole CIB, Deutsche Bank AG, HSBC Bank plc, Intesa Sanpaolo SpA, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, MPS Capital Services Banca per le Imprese SpA, NatWest Markets plc, Nomura International plc, Societe Generale and UniCredit SpA are the bookrunners.

Issuer:	Republic of Italy
Issue:	Notes
Amount:	$3 billion
Maturity:	Feb. 17, 2026
Bookrunners:	Barclays, BofA Securities Europe SA, Goldman Sachs Bank Europe SE, BNP Paribas, Citigroup Global Markets Ltd., Credit Agricole CIB, Deutsche Bank AG, HSBC Bank plc, Intesa Sanpaolo SpA, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, MPS Capital Services Banca per le Imprese SpA, NatWest Markets plc, Nomura International plc, Societe Generale and UniCredit SpA
Coupon:	1.25%
Price:	99.638
Yield:	1.322%
Spread:	Treasuries plus 93.55 bps
Call:	Non-callable
Trade date:	Nov. 17
Settlement date:	Nov. 24
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB-
Distribution:	SEC registered
Talk:	Mid-swaps plus 100 bps area

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