After the great success of the BTP Italia placements, Borsa Italiana has provided corporate issuers with the opportunity to distribute their instruments directly on our platform.
In fact, as part of the admission process, the issuer may use the MOT market for the distribution of the bonds. Borsa Italiana, having verified that the issuer and the financial instruments satisfy the admission requirements, will admit the financial instrument and start sales of purchase and sale contracts on the MOT market. At the end of the sale phase, if it is has been successful, and subject to compliance with the requirements laid down in the Rules of Borsa Italiana, the admission will be finalised and Borsa Italiana will establish the date for the start of trading on the MOT market.
If the bond issue does not take place because the admission requirements laid down in the Rules of Borsa Italiana are not satisfied, the admission decision shall cease to be effective and the contracts concluded will be invalidated.
The procedures for distribution via the MOT market will be established each time by Borsa Italiana through a notice. To this end, the issuer shall inform Borsa Italiana of the name of the intermediary appointed for the sale of the bonds that are to be issued, if it does not intend to perform this task itself. The issuer shall also inform Borsa Italiana of the dates on which the distribution is to take place, the price, the day on which the company will decide whether to proceed with the issue, and the single date set for the settlement of the contracts concluded, which normally coincides with the date set for the issue and payment of the bonds.
As for the BTP Italia issues, orders that can be entered during the distribution period by the market participants and the retail investors are buy orders only. Market orders or limit orders at Issue price only.
The distribution period will be characterized by a continuous trading phase from 9.00 to 17.30.