Stabilisation Notice

Summary by AI ^BETAClose X

Morgan Stanley Europe SE has announced that no stabilisation activities were undertaken in relation to the Republic of Italy's offer of €15,000,000,000 of 2033 Notes at 99.901% and €5,000,000,000 of 2046 Notes at 99.778%. This post-stabilisation announcement follows a pre-stabilisation notice issued on 8 January 2026, and confirms that the Stabilisation Managers, including Morgan Stanley Europe SE, Banca Monte dei Paschi di Siena S.p.A., Barclays Bank Ireland PLC, BNP PARIBAS, Crédit Agricole Corporate and Investment Bank, and NatWest Markets N.V., did not engage in any stabilisation measures for these Italian government bonds.

Disclaimer*

Morgan Stanley Europe SE

29 January 2026

Republic of Italy

Post-stabilisation Period Announcement

Further to the pre-stabilisation period announcement dated 8 January 2026, Morgan Stanley Europe SE (contact: Morgan Stanley Debt Syndicate - Florian Hessel; telephone: +49 69 2166 1287) hereby gives notice that no stabilisation (within the meaning of Article 3.2(d) of the EU Market Abuse Regulation (596/2014), including as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018) was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.

Securities

Issuer:	Republic of Italy
Guarantor(s) (if any):	N/A
Aggregate nominal amount:	2033 Notes: €15,000,000,000 2046 Notes: €5,000,000,000
Description:	Buoni del Tesoro Poliennali due 2033 ("2033 Notes") Buoni del Tesoro Poliennali due 2046 ("2046 Notes")
ISIN:	2033 Notes: IT0005689994 2046 Notes: IT0005631608
Offer price:	2033 Notes: 99.901% 2046 Notes: 99.778%

Stabilisation

Stabilisation Manager(s):

Morgan Stanley Europe SE

Banca Monte dei Paschi di Siena S.p.A.

Barclays Bank Ireland PLC

BNP PARIBAS

Crédit Agricole Corporate and Investment Bank

NatWest Markets N.V.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

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