By Devika Patel
Knoxville, Tenn., Oct. 10 – Italy (Baa3/BBB/BBB) gave additional details of its $7 billion of fixed-rate notes that priced in three parts on Wednesday, according to FWPs filed with the Securities and Exchange Commission.
Italy sold $2.5 billion of 2.375% five-year notes at mid-swaps plus 105 basis points, or Treasuries plus 103.5 bps. These notes were priced at 99.719 to yield 2.435%.
The notes priced tighter than guidance in the mid-swaps plus 120 bps area.
Italy priced $2 billion of 2.875% 10-year notes at mid-swaps plus 150 bps, or Treasuries plus 140.75 bps. The notes priced at 99.089 to yield 2.981%.
Price guidance on the notes was in the mid-swaps plus 160 bps area.
There was $2.5 billion of 4% 30-year notes at a spread of mid-swaps plus 235 bps, or Treasuries plus 194.75 bps. These notes priced at 99.619 to yield 4.022%.
Price guidance on the notes was in the mid-swaps plus 245 bps area.
Barclays, HSBC Bank plc and J.P. Morgan Securities plc were the bookrunners.
Additional underwriters were Banca IMI SpA, BNP Paribas Securities Corp., BofA Securities Europe SA, Citigroup Global Markets Ltd., Credit Agricole CIB, Deutsche Bank AG, London Branch, Goldman Sachs International, MPS Capital Services Banca per le Imprese SpA, Morgan Stanley & Co. International plc, NatWest Markets plc, Nomura International plc, Societe Generale and UniCredit SpA.
| Issuer: | Italy
|
| Amount: | $7 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, HSBC Bank plc and J.P. Morgan Securities plc
|
| Underwriters: | Banca IMI SpA, BNP Paribas Securities Corp., BofA Securities Europe SA, Citigroup Global Markets Ltd., Credit Agricole CIB, Deutsche Bank AG, London Branch, Goldman Sachs International, MPS Capital Services Banca per le Imprese SpA, Morgan Stanley & Co. International plc, NatWest Markets plc, Nomura International plc, Societe Generale and UniCredit SpA
|
| Trade date: | Oct. 9
|
| Settlement date: | Oct. 17
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $2.5 billion
|
| Maturity: | Oct. 17, 2024
|
| Coupon: | 2.375%
|
| Price: | 99.719
|
| Yield: | 2.435%
|
| Spread: | Mid-swaps plus 105 bps, or Treasuries plus 103.5 bps
|
| Call feature: | Par call
|
| Price talk: | Mid-swaps plus 125 bps to 130 bps area; guidance mid-swaps plus 120 bps area
|
|
|
| 10-year notes
|
| Amount: | $2 billion
|
| Maturity: | Oct. 17, 2029
|
| Coupon: | 2.875%
|
| Price: | 99.089
|
| Yield: | 2.981%
|
| Spread: | Mid-swaps plus 150 bps, or Treasuries plus 140.75 bps
|
| Call feature: | Par call
|
| Price talk: | Mid-swaps plus 165 bps to 170 bps area; guidance mid-swaps plus 160 bps area
|
|
|
| 30-year notes
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| Amount: | $2.5 billion
|
| Maturity: | Oct. 17, 2049
|
| Coupon: | 4%
|
| Price: | 99.619
|
| Yield: | 4.022%
|
| Spread: | Mid-swaps plus 235 bps, or Treasuries plus 194.75 bps
|
| Call feature: | Par call
|
| Price talk: | Mid-swaps plus 250 bps to 255 bps area; guidance mid-swaps plus 245 bps area
|
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