Btp Italia: that’s who bought it, among small savers, banks and foreign investors

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government bonds

Of the 383,966 contracts concluded in the phase reserved for retail, approximately 60% was of an amount lower than 20 thousand euros

“Btp Italia, for retail minimum guaranteed return of 1.4%”

Of the 383,966 contracts concluded in the phase reserved for retail, approximately 60% was of an amount lower than 20 thousand euros

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About 78% of the 14 billion euro raised in the first phase of the placement of the sixteenth issue of BTp Italia was subscribed by small savers. This was reported by the Ministry of Economy in the note in which details are provided regarding the question that affected the issue of the BTp Italy launched by the Treasury to deal with the post-Covid economic and health emergency.

The race of small savers

Of the 383,966 contracts concluded in the phase reserved for retail, about 60% was less than 20 thousand euros, while if contracts up to 50 thousand euros are considered, approximately 88% of the total relating to this phase is reached.

More individual investors than private banking

«It can be inferred – affirms the Treasury – that during the First Phase the participation of individual investors was prevalent compared to that of private banking (72 and 28 per cent respectively). Within the portion subscribed by individual investors, it is estimated that around 71% have placed the order through the bank branches, while approximately 29% through home banking. As regards the geographical distribution, almost all the orders appear to come from domestic investors “.

In the second phase 59% subscribed by banks

With reference to the second placement phase, the ministry still says, “59% of the issued amount was placed with banks and 23.7% with asset managers. A 6.3% stake was assigned to central banks and official institutions, while 7.2% of the issue was underwritten by hedge funds. The remaining 3.8% was allocated to insurance companies (2.8%) and non-financial institutions (1%) “.

Investors from UK, France, Germany and Spain

The placement of the security in the second phase saw a predominant presence of domestic investors, who subscribed for 51.9%, while the remaining 48.1% of the issue was underwritten by foreign investors. Among foreign investors, the most significant share, equal to 42.6%, was placed in Europe, in particular in the United Kingdom (27.9%), in France (5.7%), in Germany (3 , 7%), in the Iberian peninsula (1.9%), in the Nordic countries (1.6%) and in other European countries (1.7%).



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