New 7-Year BTP Issued as Italy Reopens BTP Green 2046

The underwriting syndicate composed of Banca Monte dei Paschi di Siena, Barclays Bank Ireland, BNP Paribas, Crédit Agricole, Morgan Stanley Europe and NatWest Markets, acting as lead managers, together with the remaining Italian government bond specialists acting as co-lead managers, carried out the dual-tranche syndicated issuance of a new 7-year BTP and the reopening of the BTP Green due 30 April 2046 by the Italian Ministry of Economy and Finance.

The new 7-year BTP matures on 15 March 2033, has an issue date of 15 January 2026 and carries an annual interest rate of 3.15%, payable in two semi-annual coupons. The BTP Green matures on 30 April 2046, has an issue date of 30 October 2025 and carries an annual interest rate of 4.10%, payable in two semi-annual coupons.

Clifford Chance acted alongside the banking syndicate with a team composed of partner Gioacchino Foti, supported by senior associate Francesco Napoli, associate Nicole Paccara and trainee lawyer Pietro Zocche. The U.S. law aspects were handled by partner George Hacket and counsel Laura Scaglioni.

Dentons assisted the banks in connection with the issuance decree, as well as with the tax aspects, issuing an Italian legal opinion for the benefit of the clients with a multidisciplinary team led by partner Piergiorgio Leofreddi, Head of the Debt and Capital Markets Group in Italy, and composed of partner Roberta Moscaroli, together with trainee Alessandro Sicilia, for the tax aspects.