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