By Rebecca Melvin and Cristal Cody
Concord, N.H., April 28 – Republic of Italy priced $3.5 billion of notes in two tranches due in 2024 and 2051 on Tuesday, according to FWP filings with the Securities and Exchange Commission and a market source.
The $2 billion tranche of 0.875% notes due May 6, 2024 priced at 99.673 to yield mid-swaps plus 50 basis points, or Treasuries plus 63.475 bps.
The $1.5 billion tranche of 3.875% notes due May 6, 2051 priced at 98.897 to yield mid-swaps plus 195 bps, or Treasuries plus 167.65 bps.
Citigroup Global Markets AG, Deutsche Bank AG and Morgan Stanley Europe SE were the bookrunners.
Application has been made to list the notes on the Luxembourg Stock Exchange and EuroMOT.
| Issuer: | Republic of Italy
|
| Issue: | Notes
|
| Amount: | $3.5 billion
|
| Bookrunners: | Citigroup Global Markets AG, Deutsche Bank AG and Morgan Stanley Europe SE
|
| Trade date: | April 27
|
| Settlement date: | May 6
|
| Distribution: | SEC registered
|
|
|
| 2024 notes
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| Amount: | $2 billion
|
| Maturity: | May 6, 2024
|
| Coupon: | 0.875%
|
| Price: | 99.673
|
| Spread: | Mid-swaps plus 50 bps, or Treasuries plus 63.475 bps
|
|
|
| 2051 notes
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| Amount: | $1.5 billion
|
| Maturity: | May 6, 2051
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| Coupon: | 3.875%
|
| Price: | 98.897
|
| Spread: | Mid-swaps plus 195 bps, or Treasuries plus 167.65 bps
|
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