Obbligazione Italia 1.25% ( US465410CA47 ) in USD

Italia

100 USD ▲

Italia

US465410CA47 ( in USD )

1.25% per anno ( pagato 2 volte l'anno)

16/02/2026

Prospetto opuscolo dell'obbligazione Italy US465410CA47 en USD 1.25%, scadenza 16/02/2026

200 000 USD

3 000 000 000 USD

465410CA4

17/08/2025 ( In 106 giorni )

L'Italia è una repubblica parlamentare situata nell'Europa meridionale, famosa per la sua storia, arte, cultura e gastronomia.

The Obbligazione issued by Italia ( Italy ) , in USD, with the ISIN code US465410CA47, pays a coupon of 1.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 16/02/2026

PROSPECTUS SUPPLEMENT
(To Prospectus dated October 30, 2020)
1OCT201909104750
US$3,000,000,000
The Republic of Italy
US$3,000,000,000 1.250% Notes due 2026
The Republic of Italy
Italy is a foreign sovereign government. It is a founding member of the European Union and one of nineteen countries
included in the European Economic and Monetary Union.
The economy of Italy, as measured by its 2019 gross domestic product, is the eighth largest in the world.
The Notes
The Republic of Italy is offering $3,000,000,000 in aggregate principal amount of its US$3,000,000,000 1.250% notes due
2026 (the ``Notes'').
The Notes will be direct, general and unconditional obligations of the Republic of Italy and will rank pari passu with all
other unsecured and unsubordinated obligations of Italy.
The Notes will contain collective action clauses with provisions regarding future modifications to their terms. Under those
provisions, which are described beginning on page 9 of the Prospectus, modifications affecting the reserved matters listed in the
Notes, including modifications to payment and other important terms of the Notes, may be made with the consent of the
holders of 75% of the aggregate principal amount of the outstanding Notes.
We will pay interest on the Notes on February 17 and August 17 of each year, commencing on February 17, 2021. There
will be a short first coupon in respect of the period from (and including) November 24, 2020 to (but excluding) February 17,
2021.
The Notes will be redeemed at 100% of their principal amount on February 17, 2026.
The Notes will be deposited on November 24, 2020 (the ``Closing Date'') with Citibank, N.A. as custodian for, and
registered in the name of Cede & Co. as nominee of, The Depository Trust Company (``DTC'').
Proposed Trading Format
Application has been made for the Notes to be admitted to the official list and trading on EuroMOT (Mercato Telematico
Eurobbligazioni). Application has been made for the Notes to be admitted to the official list and trading on the Regulated
Market of the Luxembourg Stock Exchange in accordance with the rules thereof.
Initial
Underwriting
Proceeds to
Price to Public(1)
Discount(2)
Italy(1)
Per Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.638%
0.125%
99.513%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,989,140,000
$3,750,000
$2,985,390,000
(1)
Plus accrued interest, if any, from and including November 24, 2020.
(2)
Italy has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the U.S. Securities Act
of 1933.
These securities have not been approved or disapproved by the Securities and Exchange Commission of the United States
or any state securities commission. Neither the Securities and Exchange Commission nor any state securities commission has
passed upon the accuracy or adequacy of this prospectus supplement or the prospectus to which it relates. Any representation
to the contrary is a criminal offense.
Joint Bookrunners
Barclays
BofA Securities
Goldman Sachs Bank Europe
Co-Managers
BNP PARIBAS
Citigroup
Deutsche Bank
Cr´
edit Agricole CIB
HSBC
IMI Intesa
J.P. Morgan
Morgan Stanley
Sanpaolo
MPS Capital
NatWest Markets
Nomura
Soci´
et´
e General
Services
Corporate and
Investment Banking
UniCredit
The date of this Prospectus Supplement is November 18, 2020.

No person has been authorized to give any information or to make any representations other than
those contained or incorporated by reference in this Prospectus Supplement or the Prospectus, and, if
given or made, such information or representations must not be relied upon as having been
authorized. This Prospectus Supplement, the Prospectus and any other documents incorporated by
reference herein do not constitute an offer to sell or the solicitation of an offer to buy any securities
other than the securities to which they relate or an offer to sell or the solicitation of an offer to buy
any such securities in any circumstances in which such offer or solicitation is unlawful. Neither the
delivery of this Prospectus Supplement, the Prospectus and any other documents incorporated by
reference herein nor any sale made hereunder shall, under any circumstances, create any implication
that there has been no change in the affairs of the Republic of Italy since the date hereof or that the
information contained or incorporated by reference herein is correct as of any time subsequent to its
date.

Table of Contents
Prospectus Supplement
ABOUT THIS PROSPECTUS SUPPLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-ii
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-1
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-3
RECENT DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-4
DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-9
GLOBAL CLEARANCE AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-13
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-17
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-21
OFFICIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-24
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-24
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-25
Prospectus
ABOUT THIS PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
DESCRIPTION OF DEBT SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
DESCRIPTION OF WARRANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
OFFICIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
AUTHORIZED REPRESENTATIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
S-i

ABOUT THIS PROSPECTUS SUPPLEMENT
This Prospectus Supplement should be read together with the accompanying Prospectus, dated
October 30, 2020, of the Republic of Italy and any other documents incorporated by reference herein.
The Prospectus contains information regarding the Republic of Italy (``Italy'') and a description of
certain terms of Italy's securities. Further information regarding Italy and the Notes offered by this
Prospectus Supplement, which constitute a separate series of the debt securities of Italy being offered
from time to time pursuant to the Prospectus, may be found in our registration statement
(no. 333-249472), on file with the U.S. Securities and Exchange Commission (the ``Commission'').
Neither this Prospectus Supplement, nor the Prospectus constitute a prospectus pursuant to Part II
of the Luxembourg Prospectus Law implementing the Prospectus Directive nor a simplified prospectus
pursuant to Part III of the Luxembourg Prospectus Law. Accordingly, neither this Prospectus
Supplement, nor the Prospectus does not purport to meet the format and the disclosure requirements
of the Prospectus Directive and Commission Regulation (EC) No. 809/2004 (as amended), and it has
not been, and will not be, submitted for approval to any competent authority within the meaning of the
Prospectus Directive and, in particular, to the Luxembourg Commission de Surveillance du Secteur
Financier, which is the Luxembourg competent authority for the purpose of the Prospectus Directive
and one of the competent authorities under the Luxembourg Prospectus Law. The debt securities,
issued pursuant to this Prospectus Supplement, nor the Prospectus, will therefore not qualify for the
benefit of the single European passport pursuant to the Prospectus Directive.
The distribution of this Prospectus Supplement, the Prospectus and any other documents
incorporated by reference herein and the offering of the Notes in certain jurisdictions may be restricted
by law. Persons who come into possession of this Prospectus Supplement or the Prospectus should
inform themselves about and observe any such restrictions. This Prospectus Supplement and the
Prospectus do not constitute, and may not be used in connection with, an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person
making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to
make such offer or solicitation. See ``Underwriting.''
Italy accepts responsibility for the information contained in the Prospectus Supplement, in the
Prospectus and in any other documents incorporated by reference herein. To the best of the knowledge
and belief of Italy (which has taken all reasonable care to ensure that such is the case), the information
contained in the Prospectus Supplement, in the Prospectus and in any other documents incorporated by
reference herein is in accordance with the facts and does not omit anything likely to affect the import
of such information.
As used in this Prospectus Supplement, references to ``$'', ``US$'', or ``dollars'' are to the legal
currency of the United States of America.
Enforcement of Civil Liabilities
Italy is a foreign sovereign government. Consequently, it may be difficult for investors to obtain or
realize upon judgments of courts in the United States against Italy. We will irrevocably submit to the
jurisdiction of the Federal and State courts in The City of New York and will irrevocably waive to the
fullest extent permitted by Italian law any objection to venue and any immunity from the jurisdiction of
such courts, but not from execution, attachment or process in the nature thereof, in connection with
any action arising out of or based upon the Notes brought by any holder of the Notes in any State or
Federal court in the City of New York or in any competent court in the Republic of Italy. We reserve
the right to plead sovereign immunity under the United States Foreign Sovereign Immunities Act of
1976 with respect to actions brought against it under United States Federal securities laws or any state
securities laws. In the absence of a waiver of immunity by Italy with respect to these actions, it would
not be possible to obtain a United States judgment in such an action against Italy unless a court were
S-ii

to determine that we are not entitled under the Immunities Act to sovereign immunity with respect to
such action. Enforceability in Italy of final judgments of U.S. courts obtained in actions based on the
civil liability provisions of the U.S. federal securities laws is subject, among other things, to the absence
of a conflicting final judgment by an Italian court or of a previously instituted action pending in Italy
among the same parties and arising from the same facts and circumstances and to the Italian courts'
determination that the U.S. courts had jurisdiction, that process was appropriately served on the
defendant, and that enforcement would not violate Italian public policy. In general, the enforceability in
Italy of final judgments of U.S. courts obtained would not require retrial in Italy. In original actions
brought before Italian courts, there is doubt as to the enforceability of liabilities based on the U.S.
federal securities laws. The Italian courts may enter and enforce judgments in foreign currencies. See
also ``Description of Debt Securities--Governing Law; Consent to Service'' in the Prospectus.
S-iii

SUMMARY OF THE OFFERING
Issuer . . . . . . . . . . . . . . . . . . . . . . .
The Republic of Italy.
Securities Offered . . . . . . . . . . . . . . .
$3,000,000,000 principal amount of 1.250% Notes due 2026.
Maturity Date . . . . . . . . . . . . . . . . .
February 17, 2026.
Redemption Basis . . . . . . . . . . . . . . .
At par.
Interest Rate . . . . . . . . . . . . . . . . . .
The Notes will bear interest from and including November 24,
2020 at the rate of 1.250%.
Interest on the Notes shall be payable semi-annually in
arrears. There will be a short first coupon in respect of the
period from (and including) November 24, 2020 to (but
excluding) February 17, 2021.
Interest Payment Dates . . . . . . . . . . .
On February 17 and August 17 of each year commencing
February 17, 2021, unless any Interest Payment Date would
otherwise fall on a day which is not a Banking Day, in which
case the Interest Payment Date shall be the immediately
succeeding Banking Day without any interest or other
payment as a result of the delay.
Markets . . . . . . . . . . . . . . . . . . . . . .
The Notes are offered for sale in those jurisdictions in the
United States, Europe and Asia where it is legal to make such
offers. See ``Underwriting.''
Further Issues . . . . . . . . . . . . . . . . .
Italy may from time to time, without notice to or the consent
of the registered holders of the Notes, create and issue further
Notes having the same terms as the Notes in all respects
(except for the issue price, issue date and the first payment of
interest following the issue date of such further Notes) and so
that such further Notes shall be consolidated and form a
single series with the Notes and shall have the same terms as
to status, redemption or otherwise as the Notes.
Listing . . . . . . . . . . . . . . . . . . . . . . .
Application has been made for the Notes to be admitted to
the official list and trading on EuroMOT (Mercato Telematico
Eurobbligazioni). Application has been made for the Notes to
be admitted to the official list and trading on the Regulated
Market of the Luxembourg Stock Exchange in accordance
with the rules thereof.
S-1

Form and Settlement . . . . . . . . . . . .
The Notes will be issued in the form of one or more global
notes, in fully registered form, without coupons, which will be
deposited on or about the Closing Date with Citibank N.A., as
custodian for, and registered in the name of Cede & Co. as
nominee of, DTC. Except as described in this Prospectus,
beneficial interests in the global notes will be represented
through accounts of financial institutions acting on behalf of
beneficial owners as direct and indirect participants in DTC.
Investors may elect to hold interests in the global notes
through DTC in the United States or through Euroclear
Bank S.A./N.V. (``Euroclear'') and Clearstream Banking,
soci´
et´
e anonyme (``Clearstream''), in Europe, if they are
participants in such systems, or indirectly through
organizations that are participants in such systems. Euroclear
and Clearstream will in turn hold interests in the global notes
as indirect participants in DTC. Except as described in this
Prospectus, owners of beneficial interests in the global notes
will not be entitled to have Notes registered in their names,
will not receive or be entitled to receive physical delivery of
Notes in definitive form and will not be considered holders of
the Notes under the Notes or the fiscal agency agreement
governing the Notes. See ``Description of the Notes--Form,
Denomination and Registration.''
It is expected that delivery of the Notes will be made, against
payment therefor in same-day funds, on or about
November 24, 2020.
Withholding Tax . . . . . . . . . . . . . . . .
Principal of and interest on the Notes are payable by Italy
without withholding or deduction for Italian withholding taxes
subject to certain exceptions to the extent set forth in the
section ``Taxation--Italian Tax considerations'' and in the
accompanying Prospectus under the heading ``Description of
Debt Securities--Additional Amounts.''
Redemption . . . . . . . . . . . . . . . . . . .
The Notes will be redeemable by us at our election. If we
redeem the Notes under a mandatory redemption provision,
we will give not more than 60 days' nor less than 30 days'
notice of redemption.
Collective Action Clauses . . . . . . . . .
The Notes will contain provisions regarding voting on
amendments, modifications and waivers. These provisions are
commonly referred to as collective action clauses and are
described more fully in the following sections of the
accompanying Prospectus, ``Description of Debt Securities--
Meetings and Quorum'' and ``Description of Debt Securities--
Proposals, Amendments and Waivers.''
Governing Law . . . . . . . . . . . . . . . . .
The Notes will be governed by, and interpreted in accordance
with, the laws of the State of New York.
S-2

USE OF PROCEEDS
The aggregate net proceeds to us from this offering will be approximately $2,985,390,000. Those
proceeds will be used for general purposes of the Italian Government, including debt management
purposes.
S-3

RECENT DEVELOPMENTS
The information included in this section supplements the information about the Republic of Italy that
is contained in Exhibit 1 to Italy's Annual Report on Form 18-K for the fiscal year ended December 31,
2019 (as filed with the Securities and Exchange Commission on October 14, 2020). 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.
REPUBLIC OF ITALY
Coronavirus Pandemic
Tightening of lockdown restrictions.
As a response to an increase in cases of Coronavirus across
Italy, in late October and November 2020 the Government enacted a number of additional measures
aimed at preventing the spread of the virus, mitigating the negative economic effects of Coronavirus
and supporting the Italian economy, including what follows:
· On October 28, 2020, the Government enacted Law Decree No. 137/2020 (the so-called Decreto
Ristori) (the ``Restore Decree'') introducing measures providing financial support to certain
businesses and workers impacted by new lockdown restrictions. These measures included
approximately A2.5 billion in grants to certain businesses affected by the new restrictions to
partially restore falls in turnover, financial support to businesses furloughing employees, partial
suspension of social security contributions by businesses (with a full suspension for businesses
suffering a loss of turnover higher than 20 per cent), tax rebates for rent paid by businesses and
a cancellation of certain taxes, financial support to workers in the entertainment, sport and
travel industries as well as to low-income households, grants to businesses in the fishing and
agriculture industries.
· On November 3, 2020, the Government enacted a Decree of the President of the Cabinet which,
among other things, created three designations for Italian regions (yellow, orange and red, with
yellow being least severe and red being most) and provided for the application of different
lockdown restrictions depending on the designation allocated..
· On November 9, 2020, the Government enacted Law Decree No. 149/2020 (the so-called Decreto
Ristori-bis), expanding the application of the measures included in the Restore Decree to
additional industries and businesses affected by the new lockdown restrictions, as well as further
grants to businesses already covered by the Restore Decree which were further impacted by the
new restrictions introduced in the orange and red zones. The measures also included: the
creation of a fund to automatically pay sums out to regions that may be affected by future
restrictions, the creation of a fund to issue grants to businesses operating in shopping malls and
in the food industry suffering declines in turnover, an expansion of the tax rebates for rent paid
by businesses in the red zone, suspension of VAT and other withheld tax payments for
businesses whose operations were suspended, an expansion of the social security contribution
suspensions introduced in the Restore Decree and cancellation of suspension of certain taxes.
EU measures enacted in response to Coronavirus.
In March 2020, the EU announced a
temporary A750 billion asset purchase programme of private and public sector securities, the so-called
Pandemic Emergency Purchase Programme (``PEPP''). On June 4, 2020, the PEPP was increased to
A1,350 billion. Net asset purchases under the PEPP will terminate once the EU has determined that the
crisis phase caused by the Coronavirus pandemic has ended and in any case not before June 2021. As
of September 30, 2020, the cumulative net purchases (representing the difference between the
acquisition cost of all purchase operations and the redeemed nominal amounts) of Italian public debt
securities was approximately A95.2 billion.
S-4

On May 19, 2020, the EU approved Council Regulation 2020/672 (``SURE Regulation'') which
lays down the legal framework for providing financial assistance in an aggregate amount of up to A100
billion to Member States which are experiencing, or are seriously threatened with, a severe economic
disturbance caused by the Coronavirus pandemic. Loans granted under the SURE Regulation, the
terms of which are to be agreed in a loan agreement between the beneficiary Member State and the
European Commission, are intended to help Member States cover the costs related to the financing of
national short-time work schemes and similar measures put in place at a national level in response to
the Coronavirus pandemic, as well as health-related measures adopted by Member States so as to
ensure a safe return to normal economic activity. On September 17, 2020, the EU approved granting
Italy a loan pursuant to the SURE Regulation in an aggregate principal amount A27.4 billion, with a
maximum average maturity of 15 years (the ``SURE Facility''). On October 27, 2020 and November 17,
2020, Italy received an amount of A10.0 billion and A6.5 billion, respectively, under the SURE Facility.
The remaining amounts under the SURE Facility may be paid to Italy in a maximum of eight further
instalments, which may be disbursed in one or several tranches.
PUBLIC DEBT
Public Debt Management.
Debt management continues to be geared towards lengthening the
average residual maturity of public debt. In 2019, the average maturity of Government debt increased,
for a third consecutive year, from 6.8 years at the end of 2018 to 6.9 years at the end of 2019. As of
October 31, 2020, the average maturity of Government debt stood at 6.92 years.
TABLES AND SUPPLEMENTARY INFORMATION
Floating Internal Debt(1) as of October 31, 2020
Outstanding
Interest
Maturity
principal
Rate
Date
amount
(Millions of euro)
BOT (3 months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
various
various
0
BOT (6 months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
various
various
42,467
Treasury accounts(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
floating
none
165,042
Total floating internal debt of the Treasury . . . . . . . . . . . . . . . . . . . .
207,509
Liquidity buffer(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
floating
none
(100,742)
Total floating internal debt net of liquidity buffer . . . . . . . . . . . . . . . .
106,767
(1) Floating debt is debt that has a maturity at issuance of less than one year. Funded debt is debt
that has a maturity at issuance of one year or more.
(2) Data as of August 31, 2020.
Source: Ministry of Economy and Finance and Bank of Italy.
S-5