Obligation Italia 4.5% ( US465410BN76 ) en USD

Italia

100 % ▼

Italie

US465410BN76 ( en USD )

4.5% par an ( paiement semestriel )

21/01/2015 - Obligation échue

Prospectus brochure de l'obligation Italy US465410BN76 en USD 4.5%, échue

1 000 USD

3 042 705 910 USD

465410BN7

NR

NR

L'Italie est une république parlementaire en Europe du Sud, connue pour son riche patrimoine culturel, son art, sa cuisine et sa mode, ainsi que pour son économie diversifiée.

L'Obligation émise par Italia ( Italie ) , en USD, avec le code ISIN US465410BN76, paye un coupon de 4.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/01/2015

L'Obligation émise par Italia ( Italie ) , en USD, avec le code ISIN US465410BN76, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Italia ( Italie ) , en USD, avec le code ISIN US465410BN76, a été notée NR par l'agence de notation Standard & Poor's ( S&P ).

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PROSPECTUS SUPPLEMENT
Pursuant to Rule 424(b)5 under the Securities Act
(To Prospectus dated February 19, 2004)

of 1933
Registration Statement No. 333-111482

US$4,000,000,000
Republic of Italy
4.50% Notes due 2015
The Republic of Italy
Italy is a foreign sovereign government. It is a founding member of the European Union and one of twelve
countries included in the European Economic and Monetary Union.
The economy of Italy, as measured by its 2003 gross domestic product, is the sixth largest in the world.
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 January 21 and July 21 of each year, commencing on July 21, 2005.
The Notes will be redeemed at 100% of their principal amount on January 21, 2015.
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The Notes will be deposited on January 21, 2005 (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
We have applied to list the Notes on EuroMOT (Mercato Telematico Eurobbligazioni), EuroMTS
(Electronic trading platform for Euro and US dollar denominated agency, supranational and European
sovereign debt securities), and the Luxembourg Stock Exchange in accordance with the rules thereof.

Initial Price
Underwriting
Proceeds to
to Public(1)
Discount(2)
Italy(1)
Per Note

99.411%

0.15%

99.261%
Total

3,976,440,000

6,000,000

3,970,440,000
(1) Plus accrued interest, if any, from and including January 21, 2005.

(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.

Merrill Lynch & Co.

Morgan Stanley

Nomura Securities

BNP Paribas

Credit Suisse First Boston
Deutsche Bank

Goldman Sachs International
Lehman Brothers

UBS Investment Bank
The date of this Prospectus Supplement is January 13, 2005.
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TABLE OF CONTENTS
SUMMARY OF THE OFFERING
USE OF PROCEEDS
DESCRIPTION OF THE NOTES
GLOBAL CLEARANCE AND SETTLEMENT
TAXATION
UNDERWRITING
OFFICIAL STATEMENTS
VALIDITY OF THE SECURITIES
GENERAL INFORMATION
PROSPECTUS
USE OF PROCEEDS
DESCRIPTION OF DEBT SECURITIES
General
Nature of Obligation; Negative Pledge
Italian Taxation; Additional Amounts
UNITED STATES TAXATION
Certain United States Federal Income Tax Considerations
Default; Acceleration of Maturity
Redemption
Meetings and Quorum
Amendments and Waivers
Governing Law; Consent to Service
DESCRIPTION OF WARRANTS
General
Governing Law; Consent to Service
United States Taxation
PLAN OF DISTRIBUTION
OFFICIAL STATEMENTS
VALIDITY OF THE SECURITIES
AUTHORIZED REPRESENTATIVE
WHERE YOU CAN FIND MORE INFORMATION
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
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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

Page
Summary of the Offering

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Use of Proceeds

S-6
Description of the Notes

S-6
Global Clearance and Settlement

S-9
Taxation
S-13
Underwriting
S-16
Official Statements
S-17
Validity of the Securities
S-17
General Information
S-18
Prospectus

Page
Use of Proceeds
4
Description of Debt Securities
5

General
5

Nature of Obligation; Negative Pledge
6

Italian Taxation; Additional Amounts
6
United States Taxation
6
Certain United States Federal Income Tax

Considerations
6

Default; Acceleration of Maturity
8

Redemption
8

Meetings and Quorum
8

Amendments and Waivers
9

Governing Law; Consent to Service
10
Description of Warrants
12

General
12
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Governing Law; Consent to Service
12

United States Taxation
13
Plan of Distribution
14
Official Statements
14
Validity of the Securities
15
Authorized Representative
15
Where You can Find More Information
15
This Prospectus Supplement should be read together with the accompanying Prospectus, dated February 19,
2004, 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
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the Prospectus, may be found in our registration statement (no. 333-111482), on file with the U.S. Securities and
Exchange Commission (the "Commission").
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.
IN CONNECTION WITH THIS OFFERING, MERRILL LYNCH INTERNATIONAL, OR ANY PERSON
ACTING FOR MERRILL LYNCH INTERNATIONAL, MAY OVER-ALLOT OR EFFECT TRANSACTIONS
WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN
THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED PERIOD. HOWEVER, THERE IS NO
OBLIGATION ON MERRILL LYNCH INTERNATIONAL, OR ANY OF ITS AGENTS, TO DO THIS. SUCH
TRANSACTIONS MAY BE EFFECTED ON THE LUXEMBOURG STOCK EXCHANGE, EUROMOT
(MERCATO TELEMATICO EUROBBLIGAZIONI), OR EUROMTS (ELECTRONIC TRADING
PLATFORM FOR EURO AND US DOLLAR DENOMINATED AGENCY, SUPRANATIONAL AND
EUROPEAN SOVEREIGN DEBT SECURITIES), IN THE OVER-THE-COUNTER MARKET OR
OTHERWISE. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND
MUST BE BROUGHT TO AN END AFTER A LIMITED PERIOD.
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. Italy will irrevocably submit to the jurisdiction of the
Federal and State courts in The City of New York. Italy will irrevocably waive any immunity from the
jurisdiction of such courts, to the extent permitted by Italian law, but not execution or attachment or process in
the nature of such jurisdiction. Italy will waive any objection to venue, in connection with any action arising out
of or based upon the Notes brought by any holder of Notes. Italy reserves the right to plead sovereign immunity
under the United States Foreign Sovereign Immunities Act of 1976 with respect to actions brought against it
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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 to determine that Italy is 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 "Description of Debt Securities -- Governing Law; Consent to
Service" in the Prospectus.
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SUMMARY OF THE OFFERING

Issuer
The Republic of Italy.

Securities Offered
$4,000,000,000 principal amount of 4.50% Notes due 2015.

Maturity Date
January 21, 2015.

Redemption Basis
At par.

Interest Rate
The Notes will bear interest from January 21, 2005 at the rate of 4.50% per
annum, payable July 21, 2005 and thereafter semi-annually in arrears in two
equal payments.

Interest Payment Dates
January 21 and July 21 of each year commencing July 21, 2005.

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 reserves the right from time to time without the consent of the holders of
the Notes to issue further securities having identical terms and conditions, so that
such securities shall be consolidated with, form a single series with and increase
the aggregate principal amount of, the Notes.

Listing
Application has been made to list the Notes on the Luxembourg Stock Exchange,
EuroMOT (Mercato Telematico Eurobbligazioni) and EuroMTS (Electronic
trading platform for Euro and US dollar denominated agency, supranational and
European sovereign debt securities).

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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
January 21, 2005 (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"). Except as described in this Prospectus Supplement,
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 Bank"), as operator of the Euroclear System ("Euroclear") or
Clearstream Banking, société 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 Supplement, 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."
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Document Outline

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