The BTp Italia Sì has reached 5.36 billion
On the second day, a further 2.18 billion was raised. This trend is in line with recent precedents. The sum of the fixed rate and the inflation-linked coupon
On its second day of placement, the BTp Italia Sì is experiencing a natural slowdown but continues to attract orders at a steady pace.
The figures
On Tuesday, the total raised stood at 2.18 billion, bringing the total for the first two days to 5.36 billion. Compared with the first day, this represents a fall of 31 per cent: on average across the 15 issues divided into two separate phases for retail and institutional investors, the second day saw a 38% slowdown, whilst looking specifically at the last four offerings, the average reduction compared with the debut stands at 27%.
Two more days
The comparison is somewhat skewed by the different timetable followed by the BTp Italia Sì compared with its predecessors, which were indexed to Italian inflation. The new bond is, in fact, reserved entirely for households and retail investors, who therefore have a total of five days to decide whether or not to subscribe to the Treasury’s offer: this is two days more than the usual three, which were followed by a final day reserved for institutional investors in issues spread over a total of four days.
Dual components for the coupon
In any case, the aim of returning to a security linked to price movements is to consolidate an approach that is now well-established in the management of Italian public debt, whilst offering some new features to revitalise interest. What sets the ‘BTp Italia Sì’ apart is, in particular, the mechanism for calculating the coupon, which greatly simplifies the combination of a fixed rate and an inflation-linked variable component that makes up the coupon.
