More than 400 investors have participated in the syndication of the new 50 year BTP, while approx 230 took part in the reopening of the 7-year BTP. The overall demand, reports a note from the Mef, ha exceeded 120 billion euros, almost equally divided between the two titles. THE fund manager they signed about half of the 7-year BTP reopening through syndication, while for the stock with a 50-year maturity their stake was 35.6%.
The banks have subscribed approximately 36.3% of the 7-year bond and approximately 20.2% of the 50-year bond. In the reopening of the 7-year BTP benchmark central banks and government institutions together with pension and insurance funds purchased 7.2% of the issue while on the 50-year bond a significant portion (almost 40%) of the placement was subscribed by investors with a long-term investment horizon; in particular, the share of pension and insurance funds stood at 32.1% while 6.2% was purchased by central banks. About 5.7% of the total amount of the two securities offered was allocated to the hedge funds.
The two placements saw very diversified participation (about 40 countries), with a massive participation of foreign investors, to whom a stake of 74% for the 7-year bond and approximately 88% for the 50-year bond was allocated. Of particular importance is the share subscribed by UK investors (29.9% on the 7-year bond and 23.8% on the 50-year bond). The remainder of the placement was largely allocated to Europe (approximately 29.3% on the 7-year bond and 53.3% on the 50-year bond), with the most significant shares assigned to investors from Germany, Austria. and Switzerland (approximately 12.7% and 29.9% respectively), French (2.2% and 6.2% respectively) and the Iberian Peninsula (1.8% and 7.1% respectively) %).
In the Scandinavian countries 5.3% of the reopening of the 7-year benchmark and 3.3% of the new 50-year were allocated respectively, while i subscribers from Eastern Europe they bought 3.2% and 3.4% respectively. The rest of the placement was signed by other European countries including the Benelux countries (4.1% over 7 years and 3.4% over 50 years). The share allocated to North American investors was around 12.9% and 4.8% on 7- and 50-year bonds, respectively. There participation of Asian investors it was 1.9% for the 7-year bond while it stood at around 5.9% for the longer-term bond.