Obligation Governo Centrale 2.6% ( XS0280146357 ) en EUR

Governo Centrale

100 % ⇌

Italie

XS0280146357 ( en EUR )

2.6% par an ( paiement annuel )

15/09/2057 - Obligation échue

Prospectus brochure de l'obligation Central government: Italian Republic XS0280146357 en EUR 2.6%, échue

500 000 EUR

1 000 000 000 EUR

Le gouvernement central de la République italienne est composé du Président de la République, du Parlement (Sénat et Chambre des députés), du Conseil des Ministres et de la Cour Constitutionnelle.

L'obligation souveraine de la République italienne, le gouvernement central de l'Italie et émetteur de dette publique au sein de la zone euro, identifiée par le code ISIN XS0280146357, laquelle présentait un taux d'intérêt annuel de 2,6% en devise EUR, inscrite dans une émission globale d'un milliard d'euros avec un lot minimal d'achat de 500 000 euros et une date de maturité fixée au 15 septembre 2057, a atteint son terme et a été intégralement remboursée, alors que son prix sur le marché s'établissait à 100% avant son échéance.

Final Terms dated 29 January 2007
Series No.:
69
Tranche No.: 2
Republic of Italy
U.S. $56,000,000,000
Programme for the Issuance of Debt Instruments
Issue of
EUR 500,000,000.00
Inflation-Linked Instruments due 2057
to be consolidated and forming a single series with
EUR 500,000,000.00 Inflation-Linked Instruments due 2057
The Instruments constitute direct, unconditional and general obligations of the issuer and rank
pari passu among themselves and equally with all other unsecured External Indebtedness (as
defined in the Simplified Base Prospectus dated 28 July 2006 (the "Simplified Base Prospectus")
in relation to the Programme) of the Issuer.
This Final Terms (as referred to in the Simplified Base Prospectus) relates to the Tranche of
Instruments referred to above, contains the final terms and conditions of the Instruments and
should be read in conjunction with the Simplified base Prospectus dated 28 July, 2006.
The particulars to be specified in relation to such Tranche are as follows:
1.
Issuer:
Republic of Italy
2.
Arranger:
Lehman Brothers International (Europe)
3.
Relevant Dealer/Lead Manager:
Lehman Brothers International (Europe)
4.
Syndicated:
No
5.
Other Dealers/Managers (if any):
Not Applicable
6.
Status:
Unsubordinated
7.
Currency:

-
of
Denomination
Euro
("EUR")
-
of
Payment
EUR

(Condition 1.10)
8.
Aggregate
Principal
Amount:

(i)
Series
EUR
1,000,000,000.00
(ii)
Tranche
EUR
500,000,000.00
9.
If interchangeable with existing Series,

Series
No:
69
10.
Issue Date:
1 February 2007
11.
Issue Price:
95.138539 per cent. of the Aggregate
Principal Amount of Tranche
12.
Commission Payable:
0 per cent. flat
13.
Selling Concession:
0 per cent.
14.
(a)
Form of Instruments:
Bearer

(b)
Bearer Instruments exchangeable No
for Registered Instruments:
15.
If issued in Bearer form:

(a)
Initially represented by a Temporary Global Instrument
Temporary Global Instrument or exchangeable for interests in a Permanent
Permanent Global Instrument:
Global Instrument which is exchangeable
(Condition 1.2)
for Definitive Instruments in the limited
circumstances specified in Condition
1.5(a) and (b)

(b)
Temporary Global Instrument No
exchangeable for Definitive
Instruments and/or Registered
Instruments:

Specify date (if any) from which Not Applicable
exchanges for Registered
Instruments will be made.
(Condition 1.2)

(c)
Permanent Global Instrument No. See 12(a) above
exchangeable at the option of the
bearer for Definitive Instruments

and/or Registered Instruments:
(Condition 1.5)

(d)
Talons for future Coupons to be Yes
attached to Definitive
Instruments:
(Condition 1.6)

(e)
Receipts to be attached to Not Applicable
Instalment Instruments which are
Definitive Instruments:
(Condition 1.7)

(f)
Definitive Instruments to be in Yes, if issued.
IPMA or successors format:
16.
Denomination(s):
EUR 500,000.00
(Condition 1.8 or 1.9)
17.
Partly
Paid
Instruments
Not Applicable
(Condition 1.11)

If yes, specify number, amounts and Not Applicable
dates for, and method of, payment of
instalments of subscription moneys and
any further additional provisions
(including Forfeiture Dates in respect of
late payment of Partly Paid Instalments)
18.
If issued in Registered Form:
Not Applicable
-
Registrar:

(Condition 2.2)
19.
Interest:
Interest bearing
(Condition 5)
20.
Interest
Rate:
Floating Rate.
(Condition 5.2)
The Interest Rate will be calculated in
accordance with the provisions set out in
the Annex hereto.
21.
FIXED RATE INSTRUMENT
Not Applicable
PROVISIONS

FLOATING RATE INSTRUMENT PROVISIONS
22.
Relevant
Screen
Page:
Not Applicable
(Condition 5.3)
23.
Relevant
Margin:
Not Applicable
(Condition 5.3)
24.
ISDA
Rate:
Not Applicable
(Condition 5.4)
25.
Minimum
Interest
Rate:
Not Applicable
(Condition 5.5)
26.
Maximum
Interest
Rate:
Not Applicable
(Condition 5.5)
27.
Interest Payment Dates:
15 September and 15 March in each year
from and including 15 March 2007 to and
including the Maturity Date, subject to
adjustment with the Business Day
Convention.
28.
Interest Period End Dates (or if the Interest Payment Dates without
Applicable Business Day Convention is adjustment for any Business Day
the FRN Convention) Interest Accrual Convention.
Period:
29.
Applicable
Business
Day
Convention:

-
for Interest Payment Dates:
Following Business Day Convention

-
for Interest Period End Dates:
Not Applicable

-
for Maturity Date:
Following Business Day Convention

-
any other date:
Following Business Day Convention
30.
Definition of Business Day:
Condition 5.9 applies
(Condition 5.9)
31.
Day
Count
Fraction:
Actual/Actual (ICMA)
(Condition 5.9)
32.
Interest
Commencement
Date:
15 September 2006
(Condition 5.9)

33.
Interest
Determination
Date:
Five Business Days prior to the related
(Condition 5.9)
Interest Payment Date
34.
Relevant
Time:
Not Applicable
(Condition 5.9)
35.
Default
Interest
Rate:
Interest rate as calculated in accordance
(Condition 5.6)
with the Annex hereto
36.
Calculation
Agent:
Lehman Brothers International (Europe)
(Condition 5.9)
37.
Reference
Banks:
Not Applicable
(Condition 5.9)
38.
If non-interest bearing:

-
Amortisation
Yield:
Not
Applicable

-
rate of interest on overdue Not Applicable
amounts

-
Day Count Fraction
Not Applicable
PROVISIONS RELATING TO REDEMPTION
39.
Maturity Date:
15 September 2057
(Condition 6.1)
40.
Dates for payment of Instalment Not Applicable
Amounts (Instalment Instruments):
(Condition 6.1)
41.
Maturity Redemption Amount:
As calculated in accordance with the
(Condition 6.1)
Annex hereto.
42.
Instalment
Amounts:
Not Applicable
(Condition 6.1)
43.
Optional Early Redemption (Call):
No
(Condition 6.3)

(a)
Early Redemption Amount
Not Applicable
(Call):

(b)
Series redeemable in part:
Not Applicable

(c)
Call Option Date(s)/Call Option Not Applicable
Period:
44.
Optional Early Redemption (Put):
No
(Condition 6.6)

(a)
Early Redemption Amount (Put): Not Applicable

(b)
Put Date(s)/Put Period:
Not Applicable
45.
Events of Default

(Condition 7.1):

(a)
Early Termination Amount:
Outstanding principal amount

(b)
Any additional (or modifications Not Applicable
to) Events of Default:
46.
Payments:

(Condition 9)

(a)
Unmatured Coupons missing Not Applicable
upon Early Redemption:

(b)
Relevant Financial Centre Day:
Target
(Condition 9C.3)
47.
Replacement
of
Instruments:
Not Applicable
(Condition 12)
48.
Notices:
Condition 14.1 (ii) applies.
(Condition 14)
49.
Listing:
The Issuer will ensure that the Instruments
will be listed on the Luxembourg Stock
Exchange 6 months from the Issue Date.
DISTRIBUTION
50.
Selling
Restrictions:

United
States
of
America:
Category 1 restrictions apply to the
Instruments.

TEFRA C Rules will apply.
Other:
Not
Applicable

51.
Stabilising Manager(s):
Not Applicable
52.
If syndicated, names of Managers:
Not Applicable
53.
If non-syndicated, name of Dealer:
Lehman Brothers International (Europe)
54.
ISIN:
XS0280146357
55.
Common
Code:
028014635
56.
Common Depositary:
Citibank, N.A
57.
Any Clearing System other than None
Euroclear and Clearstream,
Luxembourg:
58.
Settlement
Procedures:
Eurobond settlement and payment
procedures apply.
59.
Other Relevant Terms and Conditions:
See Annex hereto.
LISTING APPLICATION
These are the Final Terms required to list the issue of Instruments pursuant to the U.S.
$56,000,000,000 Debt Issuance Programme of The Republic of Italy.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
CONFIRMED

REPUBLIC OF ITALY

By: ........................................
Authorised Signatory
Date: ........................................

ANNEX

Index-Linked Provisions
1. Interest Rate
In respect of each Denomination and each Interest Period, the Interest Rate per annum ("R")
shall be determined by the Calculation Agent in accordance with the following formula:
R = 1.85% × Index Ratio Payment Date

2. Redemption Amount
The Redemption Amount shall be calculated by the Calculation Agent in accordance with the
following formula:
Redemption Amount = (100% × Index Ratio Payment Date) with a minimum of 100%

3. Definitions
"Index Ratio Payment Date"
in respect of each relevant Interest Period Date:
means:
Reference
Inflation
Daily

Date
Payment

Base Index
The result shall be truncated to the sixth decimal place
and then rounded to the fifth decimal place (with
0.000005 being rounded up).
"Base Index"
102.44 (Corresponding to 15 September 2006)
means
"Daily Inflation Reference Payment Date"
with respect to any Interest Payment Date:
means:
nbd - 1

m
CPI -3 +
× (
m
CPI -2 -
m
CPI -3 )
NDm

The result shall be truncated to the sixth decimal place
and then rounded to the fifth decimal place (with
0.000005 being rounded up).
"CPIm-3"
the Reference Index for the month that is three months
Means:
prior to the month in which the relevant Interest
Payment Date is scheduled to fall (prior to adjustment
for the Business Day Convention).

"CPIm-2"
the Reference Index for the month that is two months
means:
prior to the month in which the relevant Interest
Payment Date is scheduled to fall (prior to adjustment

for the Business Day Convention).

"nbd"
the actual number of days from and including the first
means:
day of the month in which the relevant Interest Payment
Date is scheduled to fall (prior to adjustment for the
Business Day Convention) to and including Interest
Payment Date itself (prior to adjustment for the
Business Day Convention).
" NDm"
the number of days in the month in which the relevant
means
Interest Payment Date is scheduled to fall (prior to
adjustment for the Business Day Convention). (month
m).

"Reference Index"
the "EUR Excluding Tobacco-Non-revised Consumer
means:
Price Index" meaning the "Non-revised Index of
Consumer Prices excluding Tobacco", or a successor
index designated by the Issuer and the Calculation
Agent, measuring the rate of inflation in the European
Monetary Union excluding tobacco, expressed as an
index and published by the relevant Index Sponsor. The
first publication or announcement of a level of such
index for a relevant month shall be final and conclusive
and later revisions to the level for such relevant month
will not be used in any calculations.
"Index Sponsor" means:
Eurostat or any successor sponsor mutually chosen by
the Issuer and the Calculation Agent.
"Interest Period" means:
each period from and including an Interest Period End
Date (or 15 September 2006 in respect to the first
Interest Period) to but excluding the next Interest Period
End Date, each period being subject to no adjustment.

4. Disruption and Fallbacks

1) If the Reference Index for a particular month P is not published within a reasonable time
from each date on which it is required, a substitute index shall be determined in accordance
with the following formula:

Substitute Index P = Index P-1 × ( Index P-1 / Index P-13 ) 1/12

Where:
P = The month for which no Reference Index is published and for which a substitute
index must therefore be determined by extrapolation.

Index P-1 =
The Reference Index for month P 1.

Index P-13 = The Reference Index for month P 13.

Upon publication of the relevant Reference Index, such index will apply from the day
following its publication (and the substitute index will from this day cease to apply).

2) If the Calculation Agent determines that the Reference Index has been or will be rebased at
any time, the Reference Index as so rebased (the "Rebased Index") will be used for purposes of
determining the level of a Reference Index from the date of such rebasing; provided, however,
that the Calculation Agent shall make adjustments to the past levels of the Rebased Index, if
necessary, so that the Rebased Index levels reflect the same rate of inflation as the Reference
Index before it was rebased. Any such rebasing shall not affect any prior payments made
under the Instruments.