DEAL: Italy’s €4.2 billion debt buyback

Author: Amélie Labbé | Published: 8 Jun 2017

Italy has bought back €4.2 billion of its long-term treasury bonds - buoni del tesoro poliennali (BTP) Italia – due in November 2017 and concurrently issued five tranches of debt with maturities between 2020 and 2032.

The syndicated exchange was the first sovereign bond swap conducted as two independent transactions as compared to switch offers or exchange offers. 

The deal

The buyback  was structured differently to previous liability management transactions by the Republic of Italy, which are carried out on an electronic trading platform of the MTS. The buy-back was managed...



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