The Treasury has been constantly tapping foreign money markets through its Commercial Paper Program in recent years Thanks to its extreme flexibility, terms and maturity dates of CP have been structured precisely to meet both the cash-flow needs of the Treasury and the amount to be invested and the credit requirements of investors. The Notes may be issued at a discount (so they will not bear interest) or may bear fixed, floating or index-linked rate of interest.
On 19 December 2011 CP Programme has been updated in order to increase the maximum outstanding amount at 15 billion Euros. Furthermore both the Programme and each Commercial Paper are eligible as collateral for European Central Bank purposes, because the Programme has obtained the “STEP label”, that means it will be listed on Short Term European Papers “STEP” market.
The role of “ Issue Agent” and “Principal Paying Agent” is managed by Citibank N.A., London Banch.
The notes have been distributed through dealers who sell the paper to investors on behalf of the issuer . The dealers, who have signed the Agreement are: BofA Merrill Lynch, Banca IMI, Barclays Capital, BNP PARIBAS, Citi, Crédit Agricole CIB, Credit Suisse, Deutsche Bank, Goldman Sachs International, HSBC France, ING Commercial Banking, Morgan Stanley, MPS Capital Services, Nomura International, The Royal Bank of Scotland, UBS Investment Bank, UniCredit Bank.