-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F4BjiUVHEpLZJZVdKPAQyc+XWQdFFeqYg69k93W/Qiha6CsukburJMcyDCrYXrTI WURrvLsgb+kmw+c+kn1Zqw== 0000950123-10-003187.txt : 20100119 0000950123-10-003187.hdr.sgml : 20100118 20100119092614 ACCESSION NUMBER: 0000950123-10-003187 CONFORMED SUBMISSION TYPE: 18-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081231 FILED AS OF DATE: 20100119 DATE AS OF CHANGE: 20100119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ITALY REPUBLIC OF CENTRAL INDEX KEY: 0000052782 STANDARD INDUSTRIAL CLASSIFICATION: FOREIGN GOVERNMENTS [8888] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 18-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 033-66360 FILM NUMBER: 10532039 BUSINESS ADDRESS: STREET 1: MINISTRY OF ECONOMY AND FINANCE STREET 2: VIA XX SETTEMBRE, 97 CITY: ROME STATE: L6 ZIP: 00187 BUSINESS PHONE: 01139064814985 MAIL ADDRESS: STREET 1: C/O SKADDEN ARPS STREET 2: 40 BANK STREET, CANARY WHARF CITY: LONDON STATE: X0 ZIP: E14 5DS 18-K/A 1 u08206e18vkza.htm 18-K/A 18-K/A
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 18-K/A
Amendment No. 1
For Foreign Governments and Political Subdivisions Thereof
ANNUAL REPORT
of
THE REPUBLIC OF ITALY
(Name of Registrant)
Date of end of last fiscal year: December 31, 2008
SECURITIES REGISTERED*
(As of close of the fiscal year)
         
    Amounts as to which registration   Names of exchanges on which
Title of Issues   is effective   registered
         
N/A*   N/A   N/A
Name and address of Authorized Agent of the Registrant in the United States to receive notices and communications
from the Securities and Exchange Commission:
THE HONORABLE GIULIO TERZI DI SANT’AGATA
Italian Ambassador to the United States
3000 Whitehaven Street, N.W.
Washington, D.C. 20008
It is requested that copies of notices and communications from the Securities and Exchange Commission be sent to:
RICHARD A. ELY, ESQ
and
LORENZO A. CORTE, ESQ
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
40 Bank Street,
Canary Wharf
London E14 5DS
England
*   The Republic of Italy files Annual Reports on Form 18-K voluntarily in order for The Republic of Italy to incorporate such Annual Reports into its shelf registration statements.
 
 

 

TABLE OF CONTENTS

SIGNATURE
EXHIBIT INDEX
EXHIBIT 1

Table of Contents

     This amendment to the annual report of the Republic of Italy (the “Republic”) on Form 18-K for the year end December 31, 2008 comprises:
  (a)   Pages numbered 1 to 4 consecutively.
 
  (b)   The following exhibits:
     Exhibit 1 — Recent developments update, dated January 19, 2010;
     This amendment to the annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions thereof.

2

Table of Contents

SIGNATURE
     Pursuant to the requirements of the United States Securities Exchange Act of 1934, the registrant Republic of Italy has duly caused this Amendment No. 1 to the Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in Rome, Italy on January 19, 2010.
         
  REPUBLIC OF ITALY
 		  
  By:  /s/ Maria Cannata  
    Name:   Dott.ssa Maria Cannata   
    Title:   Director General — Treasury Department — Direction II Ministry of Economy and Finance   

3

Table of Contents

         
EXHIBIT INDEX
                 
Exhibit   Description   Page No.
       
 
        
  1    
Recent developments update, dated January 19, 2010
    5  

4

EX-99.1 2 u08206exv99w1.htm EXHIBIT 1 EXHIBIT 1
Exhibit 1
Recent developments update dated January 19, 2010
     The information included in this section supplements the information about the Republic of Italy that is contained in Exhibit D to the Republic’s annual report on Form 18-K, for the fiscal year ended December 31, 2008. To the extent that the information included in this section differs from the information set forth in the annual report, you should rely on the information in this section.
The Italian Economy
     Italy’s seasonally adjusted average unemployment rate increased to 7.8 per cent in the third quarter of 2009, from 7.5 per cent recorded during the second quarter of 2009. Consumer prices, as measured by the harmonized EU consumer price index, increased at an annual rate of 1.1 per cent during the twelve months ended December 31, 2009, compared to a 2.4 per cent increase during the twelve months ended December 31, 2008.
Public Debt — Total Treasury Issues
     The following table shows the total of debt securities issued by the Treasury and outstanding as of the dates indicated. Total Treasury issues differ from Italy’s total public debt as the former do not include liabilities to holders of postal savings accounts, debt incurred by Ferrovie dello Stato S.p.A., ANAS (Azienda Nazionale per le Strade) and Infrastrutture S.p.A. (ISPA) and debt incurred by other state sector entities and other general government entities, other general government entities and other liabilities reclassified as general Government debt pursuant to Eurostat rulings.
         
    December 31, 2009  
    (millions of euro)  
Short term bonds (BOT)
     140,095.64  
Medium and long term bonds (initially issued in Italy)
     1,236,445.95  
External bonds (initially issued outside Italy)(1)
     69,591.88  
 
      
Total Treasury issues
     1,446,133.46  
 
      
 
(1)   Italy often enters into currency swap agreements in the ordinary course of the management of its debt. The total amount of external bonds shown above takes into account the effect of these arrangements and is not directly comparable to the total amounts of external bonds indicated in the table “External Bonds of the Treasury as of December 31, 2009” below, which do not take into account the effect of currency swaps.
Source: Ministry of Economy and Finance
     The following table shows the external bonds of the Treasury issued and outstanding as of December 31, 2009.

5

 

External Bonds of the Treasury as of December 31, 2009
                                                     
                                Original   Principal    
        Initial Public                   Principal   Amount   Equivalent
Title   Interest Rate (%)   Offering Price   Date of Issue   Maturity Date   Amount   Outstanding   in euro
United States Dollar(1)
                                      
$3,500,000,000
   6.875%     98.725 %   September 27, 1993   September 27, 2023     3,500,000,000       3,500,000,000       2,429,543,246  
$1,500,000,000
   6.025%-6.88%     100.00 %   March 5, 1996   Mar 5, 2004/12     1,500,000,000       1,500,000,000       1,041,232,820  
$750,000,000
   5.81%-6,70%     100.00 %   March 5, 1996   Mar 5, 2002/10     750,000,000       750,000,000       520,616,410  
$1,500,000,000
   5.97% -6.25%     100.00 %   December 20, 1996   Dec 20, 2004/12     1,500,000,000       1,500,000,000       1,041,232,820  
$2,000,000,000
   6.00%     99.274 %   February 22, 2001   February 22, 2011     2,000,000,000       2,000,000,000       1,388,310,426  
$2,000,000,000
   5.625%     99.893 %   March 1, 2002   June 15, 2012     2,000,000,000       2,000,000,000       1,388,310,426  
$1,000,000,000
   5.625%     99.392 %   May 8, 2002   June 15, 2012     1,000,000,000       1,000,000,000       694,155,213  
$2,000,000,000
   5.375%     98.436 %   February 27, 2003   June 15, 2033     2,000,000,000       2,000,000,000       1,388,310,426  
$2,000,000,000
   4.375%     99.694 %   February 27, 2003   June 15, 2013     2,000,000,000       2,000,000,000       1,388,310,426  
$100,000,000
   4.17%     100.00 %   November 14, 2003   November 15, 2010     100,000,000       100,000,000       69,415,521  
$100,000,000
   4.06%     100.00 %   December 9, 2003   December 9, 2010     100,000,000       100,000,000       69,415,521  
$4,000,000,000
   4.50%     99.411 %   January 21, 2005   January 21, 2015     4,000,000,000       4,000,000,000       2,776,620,852  
$2,000,000,000
   4.75%     99.34 %   January 25, 2006   January 25, 2016     2,000,000,000       2,000,000,000       1,388,310,426  
$3,000,000,000
   5.25%     99.85 %   September 20, 2006   September 20, 2016     3,000,000,000       3,000,000,000       2,082,465,639  
$2,000,000,000
   5.375%     99.37 %   June 12, 2007   June 12, 2017     2,000,000,000       2,000,000,000       1,388,310,426  
$2,500,000,000
   3.500%     99.69 %   June 4, 2008   July 15, 2011     2,500,000,000       2,500,000,000       1,735,388,033  
$2,500,000,000
   2.130%     99.853 %   October 5, 2009   October 5, 2012     2,500,000,000       2,500,000,000       1,735,388,033  
 
                                                    
 
                                         32,450,000,000       22,525,336,665  
Euro(2)
                                                    
€2,500,000,000
   9.25%     98.160 %   March 7, 1991   March 7, 2011     2,500,000,000       2,500,000,000       2,500,000,000  
€1,022,583,762
   3 mth libor+ 0.0625%     99.89 %   December 11, 1995   December 20, 2002/10     1,022,583,762       1,022,583,762       1,022,583,762  
€567,225,000
   6.13%     100.790 %   May 29, 1997   May 29, 2012     567,225,000       567,225,000       567,225,000  
€60,000,000
   3 mth libor - 16 b.p.     99.610 %   October 8, 1998   October 8, 2018     60,000,000       60,000,000       60,000,000  
€300,000,000
   Index linked     101.425 %   October 15, 1998   October 15, 2018     300,000,000       300,000,000       300,000,000  
€1,000,000,000
   4.000%     99.95 %   May 6, 1999   May 6, 2019     1,000,000,000       1,000,000,000       1,000,000,000  
€1,000,000,000
   frn 30Y     101.60 %   June 28, 1999   June 28, 2029     1,000,000,000       905,000,000       905,000,000  
€1,000,000,000
   t.swap 30 - 0.91%     100.75 %   August 30, 1999   August 30, 2019     1,000,000,000       1,000,000,000       1,000,000,000  
€150,000,000
   Zero Coupon     100.00 %   February 20, 2001   February 20, 2031     150,000,000       150,000,000       150,000,000  
€3,000,000,000
   5.75%     100.04 %   July 25, 2001   July 25, 2016     3,000,000,000       3,000,000,000       3,000,000,000  
€400,000,000
   3 mth libor - 0.06%     100.00 %   January 22, 2002   January 22, 2012     400,000,000       400,000,000       400,000,000  
€150,000,000
   84.5% cms 10Y     100.00 %   April 26, 2004   April 26, 2019     150,000,000       150,000,000       150,000,000  
€300,000,000
   12 mth eubor + 0.10%     100.00 %   May 31, 2005   May 31, 2035     300,000,000       300,000,000       300,000,000  
€720,000,000
   3.546% until 2009     100.00 %   June 2, 2005   June 2, 2029     720,000,000       720,000,000       720,000,000  
€395,000,000
   3.523% until 2010     100.00 %   June 2, 2005   June 2, 2030     395,000,000       395,000,000       395,000,000  
€200,000,000
   85% * 10y Eurswap     100.00 %   June 8, 2005   June 8, 2020     200,000,000       200,000,000       200,000,000  
€2,500,000,000
   85% * 10y swap rate     100.00 %   June 15, 2005   June 15, 2020     2,500,000,000       2,500,000,000       2,500,000,000  
€300,000,000
   85.5% * 10y swap rate 6 mth Eubor + 1.5%     100.00 %   June 28, 2005   June 28, 2021     300,000,000       300,000,000       300,000,000  
€200,000,000
   (max 10x(cms10-cms2)     100.00 %   November 9, 2005   November 9, 2025     200,000,000       200,000,000       200,000,000  
€900,000,000
   6 mth Eubor + 0.04%     99.38357 %   March 17, 2006   March 17, 2021     900,000,000       900,000,000       900,000,000  
€1,000,000,000
   6 mth Eubor + 0.60%     99.85 %   March 22, 2006   March 22, 2018     1,000,000,000       1,000,000,000       1,000,000,000  
€192,000,000
   Zero Coupon     100.00 %   March 28, 2006   March 28, 2036     192,000,000       192,000,000       192,000,000  
€300,000,000
   6 mth Eubor + 0.075%     100.00 %   March 30, 2006   March 30, 2026     300,000,000       300,000,000       300,000,000  
€215,000,000
   5.07%/ 10y cms 1.85% linked to EU     100.00 %   May 11, 2006   May 11, 2026     215,000,000       215,000,000       215,000,000  
€1,000,000,000
   inflation index 2.00% linked to EU     99.796065 %   January 5, 2007   September 15, 2057     1,000,000,000       1,050,000,000       1,050,000,000  
€250,000,000
   inflation index     99.02385 %   March 30, 2007   September 15, 2062     250,000,000       262,000,000       262,000,000  
€160,000,000
   4.49% 2.20% linked to EU     99.86 %   April 5, 2007   April 5, 2027     160,000,000       160,000,000       160,000,000  
€500,000,000
   inflation index     98.862525 %   January 23, 2008   September 15, 2058     500,000,000       516,000,000       516,000,000  
€258,000,000
   5.26%     99.79 %   March 16, 2009   March 16, 2026     258,000,000       258,000,000       258,000,000  
€300,000,000
   3.00%     99.733 %   May 29, 2009   November 29, 2013     300,000,000       300,000,000       300,000,000  
 
                                                    
 
                                         20,822,808,762       20,822,808,762  
Swiss Franc(3)
                                                    
ChF 1,500,000,000
   3.125%     99.825 %   January 15,1999   July 15, 2010     1,500,000,000       1,500,000,000       1,011,054,193  
ChF 1,000,000,000
   2.75%     100.625 %   July 1, 2004   July 1, 2011     1,000,000,000       1,000,000,000       674,036,128  
ChF 2,000,000,000
   2.50%     100.09 %   February 2, 2005   March 2, 2015     2,000,000,000       2,000,000,000       1,348,072,257  
ChF 1,000,000,000
   2.50%     99.336 %   January 30, 2006   January 30, 2018     1,000,000,000       1,000,000,000       674,036,128  
 
                                                    
 
                                         5,500,000,000       3,707,198,706  
Pound Sterling(4)
                                                    
£400,000,000
   10.50%     100.875 %   April 28, 1989   April 30, 2014     400,000,000       400,000,000       450,399,730  
£1,500,000,000
   6.00%     98.565 %   August 4, 1998   August 4, 2028     1,500,000,000       1,500,000,000       1,688,998,987  
£250,000,000
   5.25%     99.476 %   July 29, 2004   December 7, 2034     250,000,000       250,000,000       281,499,831  
 
                                                    
 
                                         2,150,000,000       2,420,898,547  
Norwegian Kroner(5)
                                    
NOK 2,000,000,000
   6.15%     100.00 %   September 25, 2002   September 25, 2012     2,000,000,000       2,000,000,000       240,963,855  
NOK 2,000,000,000
   4.34%     100.00 %   June 23, 2003   June 23, 2015     2,000,000,000       2,000,000,000       240,963,855  
 
                                                    
 
                                         4,000,000,000       481,927,711  
Japanese Yen(6)
                                                    
¥125,000,000,000
   5.50%     100.00 %   December 15, 1994   December 15, 2014     125,000,000,000       125,000,000,000       938,720,336  
¥125,000,000,000
   4.50%     100.00 %   June 8, 1995   June 8, 2015     125,000,000,000       125,000,000,000       938,720,336  
¥100,000,000,000
   3.70%     100.00 %   November 14, 1996   November 14, 2016     100,000,000,000       100,000,000,000       750,976,269  
¥100,000,000,000
   3.450%     99.80 %   March 24, 1997   March 24, 2017     100,000,000,000       100,000,000,000       750,976,269  
¥100,000,000,000
   1.80%     99.882 %   February 23, 2000   February 23, 2010     100,000,000,000       100,000,000,000       750,976,269  
¥25,000,000,000
   2.87%     100.00 %   May 18, 2006   May 18, 2036     25,000,000,000       25,000,000,000       187,744,067  
¥50,000,000,000
   3 month JPY libor + 12 b.p.     100.00 %   April 24, 2008   April 24, 2018     50,000,000,000       50,000,000,000       375,488,135  
¥30,000,000,000
   3 month JPY libor + 40 b.p.     100.00 %   July 8, 2009   July 8, 2019     30,000,000,000       30,000,000,000       225,292,881  
¥30,000,000,000
   3 month JPY libor + 37 b.p.     100.00 %   September 18, 2009   September 18, 2019     30,000,000,000       30,000,000,000       225,292,881  
 
                                                    
 
                                         685,000,000,000       5,144,187,444  
Czech Koruna(7)
                                                    
CZK2,490,000,000
   4.36%     100.00 %   October 3, 2007   October 3, 2017     2,490,000,000       2,490,000,000       94,058,097  

6

 

                                                     
                                Original   Principal    
        Initial Public                   Principal   Amount   Equivalent
Title   Interest Rate (%)   Offering Price   Date of Issue   Maturity Date   Amount   Outstanding   in euro
CZK2,490,000,000
   4.40%     100.00 %   October 3, 2007   October 3, 2019     2,490,000,000       2,490,000,000       94,058,097  
CZK2,490,000,000
   4.41%     100.00 %   October 3, 2007   October 3, 2019     2,490,000,000       2,490,000,000       94,058,097  
 
                                                    
 
                                         7,470,000,000       282,174,291  
 
                                                    
TOTAL OUTSTANDING
                                   55,384,532,126 (8)
 
                                                    
 
(1)   U.S. dollar amounts have been converted into euro at $1.4406/€1.00, the exchange rate prevailing at December 31, 2009.
 
(2)   External debt denominated in currencies of countries that have adopted the euro have been converted into euro at the fixed rate at which those currencies were converted into euro upon their issuing countries becoming members of the European Monetary Union.
 
(3)   Swiss Franc amounts have been converted into euro at ChF1.4836/€1.00, the exchange rate prevailing at December 31, 2009.
 
(4)   Pounds Sterling amounts have been converted into euro at £0.8881/€1.00, the exchange rate prevailing at December 31, 2009.
 
(5)   Norwegian Kroner amounts have been converted into euro at NOK8.300/€1.00, the exchange rate prevailing at December 31, 2009.
 
(6)   Japanese Yen amounts have been converted into euro at ¥133.16/€1.00, the exchange rate prevailing at December 31, 2009.
 
(7)   Czech Koruna amounts have been converted into euro at CZK26.473/€1.00, the exchange rate prevailing at December 31, 2009.
 
(8)   The amount of external bonds shown above does not take into account the effect of currency swaps that Italy often enters into in the ordinary course of the management of its debt. The following table summarizes the effects on the Treasury’s external bonds after giving effect to currency swaps.
                 
    As of December 31, 2009
Currency   Before Swap   After Swap
US Dollars
     40.67 %     2.24 %
Euro
     37.60 %     97.76 %
Swiss Francs
     6.69 %     –  
Pounds Sterling
     4.37 %     –  
Norwegian Kroner
     0.87 %     –  
Japanese Yen
     9.29 %     –  
Czech Koruna
     0.51 %     –  
 
                
Total External Bonds (in millions of Euro)
     55,384.5       69,591.88  
 
                
Source: Ministry of Economy and Finance.

 

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