Republic of Italy Borrowing Strategy 30-yr Syndicated BTP. Public Debt Department Italian Treasury
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1 Republic of Italy Borrowing Strategy 30-yr Syndicated BTP Public Debt Department Italian Treasury September 2003
2 2 Introduction Strengthened Public Finance Framework The Republic of Italy has focused on consolidating its fiscal accounting over the past decade and implementing reforms to improve economic performance and strengthen public finances Debt Management Strategy The Republic has established a market oriented debt management strategy based on a commitment to transparency, predictability and liquidity. New Syndicated 30-year BTP Following close dialogue with investors through targeted meeting, the new benchmark represents the Republic s strong adherence to its strategy
3 PUBLIC FINANCE FRAMEWORK
4 Substantial Progress in Reducing Budget Deficit over the Past Decade Aggressive fiscal consolidation was needed to reduce high debt and high interest rates, enabling Italy to enter EMU since the beginning. The Stability and Growth Pact promotes budget discipline, enables fiscal policy coordination and allows fiscal stabilizers to operate. Despite a cyclical deterioration in 2001, Government Deficit decreased by 0.33% in Large primary surpluses and falling interest rates have put government debt over GDP ratio on a firm downward path (since 1995 Italy decreased its Debt ratio by 16.5%) General Government Deficit % GDP General Government Debt % GDP Italy Eurozone Italy Eurozone 99.4% Source: Eurostat; Ministero dell Economia e delle Finanze: DPEF
5 ITALIAN DEBT MANAGEMENT STRATEGY
6 6 Market-Oriented Debt Management Strategy Commitment to Liquidity Transparency Reduction of Refinancing Risk Investor Diversification Reform of taxation for non resident investors
7 7 Liquidity Enhanced in Both Primary and Secondary Markets Efficient Primary Market Large benchmark sizes Reduction in issuance frequency Introduction of syndicated structure for the launch of instruments with maturity over 10 years results in Improved Secondary Trading Performance An efficient system of market makers contributes to maintain liquidity in any market condition All major world financial institutions in market making are very active players in the MTS (electronic trading platform for Italian Government securities).
8 8 Transparency is a Clear Priority Timely and clear communication (also through the use of website tesoro.it/.it/publicdebt ) Annual guidelines Annual auction calendar Quarterly issuance program Regular communication with the Specialists group Frequent investor meetings and road-shows
9 Reduction of Interest and Refinancing Risk Combining issuance of different maturities continues to reduce both the interest and refinancing risks Limited use of derivatives to modify duration 7 0 Bills + Floating Rate Notes Fixed Rate 7 Duration Residual Maturity
10 10 Italy is a Major Component in the World Bond Indices... Index JP Morgan EMU Index Citigroup EMU Government Bond Index Merrill Lynch Corporate & Government Index Lehman Bros. US Credit Index Morgan Stanley Euro Dollar Credit Index % Share 21% 22% 28%* 25%* 25%* * Of the Sovereign Sector
11 11... with a Broad and Diversified Investor Base Percentage of domestic instruments held by non-residents has increased substantially 70 % Bills (BOT) Fixed Rate (BTP, CTZ) Source: Bank of Italy
12 LONG BTP ISSUANCE STRATEGY
13 13 The Long-end Sector is Key in the Italian Debt Management Strategy... Long-end issuance is: crucial to optimize costs and reduce refinancing risk essential to meet structural market demand coming from long end investors crucial to satisfy the final investor s structural need in Europe for long dated supply. Over the years the Republic developed the long-end sector in an efficient and investor-friendly way, by: Modifying the auction schedule Introduction of syndication for the launch of instruments with a maturity over 10 years (for following tranches, the Treasury will still resort to the usual auction format.) Conveying more information to the market as to ensure liquidity and flexibility to promptly react to demand
14 14 going forward the Republic is firmly committed to maintain its focus on this sector of the curve The Treasury reserves the right to issue first tranches of new bonds with more-than- 10-year maturity through syndicate, in order to obtain a greater efficiency in placing bonds, thanks to a wider investors geographical distribution and a more diversified investor base Guidelines for public debt management for Italian Treasury Introduction of syndicated structure: encourages investor participation achieves better distribution allows better information quickly enables to reach a liquid outstanding allows to issue in a timely efficient manner
15 THE 30-YEAR SYNDICATED BTP OFFERING
16 16 The 30-yr Syndicated BTP Offering Issuer Rating Bookrunners The Republic of Italy AA2/AA/AA, stable/neg/stable Citigroup, Deutsche Bank, ING, JP Morgan, UBM Maturity August, 1 st 2034 Coupon frequency Semi-annual Interest accrual date August, 1 st 2003 Size Market making Listing Trading Governing Law Status Benchmark size (minimum 3bn) Specialists group Milan Stock Exchange MTS, EuroMTS Italian BTP format / 144A BIS risk weighting 0%
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