Download International funding program for 2003

Ministero dell'
Economia e
delle Finanze
DIPARTIMENTO DEL TESORO
Direzione II
PRESS RELEASE
Republic of Italy – International funding program for 2003
The Republic of Italy (Aa2/AA) announces its plans for international issuance in 2003. The
Republic intends to raise at least € 12 billion equivalent during the course of 2003, according to
the following plan:
1. US$ global benchmark program.
Following successful implementation of the program in 2002, the Republic reconfirms its
commitment to the US$ market in 2003 with a total estimated issuance of at least US$ 10
billion. US$ global securities will be issued in benchmark maturities, with a view to enhancing
the Republic of Italy’s outstanding US$ curve. Under the US$ program, liquid benchmarks are
traded from Dealers’ agency trading desks and quoted on electronic trading platforms. The
dealers under the program are: ABN Amro, CSFB, Deutsche Bank, Goldman Sachs, JP
Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, SSSB and UBS Warburg.
2. Funding activity in other markets.
The Republic of Italy also intends to issue in other international markets via its MTN program,
under which the Republic can operate in a flexible fashion and in a large number of currencies,
including non-benchmark eurodollar transactions.
A prime objective of the Treasury’s international funding program is to continue the
internationalisation of investors in Italian government securities. The Treasury will continue with
a program of global investor relations in 2003. A new section on international funding will be
launched shortly on the Treasury’s website at www.tesoro.it/publicdebt.
Roma, 13 December 2002