Telecom Italia - 6k
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 6-K

                         REPORT OF FOREIGN PRIVATE ISSUER

                        PURSUANT TO RULE 13a-16 OR 15D-16
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                         FOR THE MONTH OF OCTOBER 2003


                              TELECOM ITALIA S.p.A.
                 (Translation of registrant's name into English)

                                CORSO D'ITALIA 41
                                ROME, ITALY 00198
                     (Address of principal executive offices)


          Indicate by check mark whether the registrant files
          or will file annual reports under cover of Form 20-F or Form 40-F:

                          FORM 20-F [X]   FORM 40-F [ ]


          Indicate by check mark if the registrant
          is submitting the Form 6-K in paper
          as permitted by Regulation S-T Rule 101(b)(1): [ ]

          Indicate by check mark if the registrant
          is submitting the Form 6-K in paper
          as permitted by Regulation S-T Rule 101(b)(7): [ ]


          Indicate by check mark whether by furnishing the information
          contained in this Form, the registrant is also thereby furnishing
          the information to the Commission pursuant to Rule 12g3-2(b)
          under the Securities Exchange Act of 1934.

                               YES [ ]     NO [X]

          If "Yes" is marked, indicate below the file number assigned
          to the registrant in connection with Rule 12g3-2(b): 82- _______










PRESS RELEASE





TELECOM ITALIA: DEFINITION OF TERMS
FOR $4 BILLION BOND ISSUE




Milan, 22 October 2003 - Telecom Italia and Telecom Italia Capital S.A. announce that the bookbuilding and definition of terms for the debut multi-tranche USD fixed-rate benchmark issue was completed today.


The issue, offered to qualified institutional investors in the United States pursuant to Rule 144A of the US Securities Act of 1933 and to investors outside the United States pursuant to Regulation S under the US Securities act of 1933, is part of Telecom Italia’s plan to refinance short and long term debt, approved by the Board of Directors on 10 October 2003.


The total size of the bond issue was set at $4 billion, split among three tranches with a maturity of five, ten and thirty year.


The characteristics of the bond issue are:


5-year tranche


Issuer:

Telecom Italia Capital S.A.

Guarantor:

Telecom Italia S.p.A.

Amount:

$1 billion

Settlement Date:

29 October 2003

Maturity:

15 November 2008

Coupon:

4% per annum

Issue price:

99.953

Redemption price

100


The effective yield to maturity of the 5-year tranche is 4.01% per annum, corresponding to a yield of 83 basis points over the corresponding US treasury rate.





10-year tranche


Issuer:

Telecom Italia Capital S.A

Guarantor:

Telecom Italia S.p.A.

Amount:

$2 billion

Settlement Date:

29 October  2003

Maturity:

15 November  2013

Coupon:

5.25% per annum

Issue price:

99.742  

Redemption price

100


The effective yield to maturity of the 10-year tranche is 5.283% per annum, corresponding to a yield of 103 basis points over the corresponding US treasury rate.


30-year tranche


Issuer:

Telecom Italia Capital S.A.

Guarantor:

Telecom Italia S.p.A.

Amount:

$1 billion

Settlement Date:

29 October 2003

Maturity:

15 November 2033

Coupon:

6.375% per annum

Issue price:

99.558

Redemption price

100


The effective yield to maturity of the 30-year tranche is 6.408% per annum, corresponding to a yield of 128 basis points over the corresponding US treasury rate.


The securities referred to in this press release have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.



Telecom Italia

Media Relations

Corporate and Wireline Press Office

+39.06.3688.2610

www.telecomitalia.it/stampa_uk







Cautionary Statement for Purposes of the "Safe Harbor" Provision of the United
States Private Securities Litigation Reform Act of 1995.

The Private Securities Litigation reform Act of 1995 provides a "safe harbor"
for forward-looking statements.  The Press Release included in this Form 6-K
contains certain forward looking statements and forecasts reflecting
management's current views with respect to certain future events.  The ability
of the Telecom Italia Group to achieve its projected results is dependant on
many factors which are outside of management's control.  Actual results may
differ materially from those projected or implied in the forward-looking
statements.  Such forward-looking information involves risks and uncertainties
that could significantly affect expected results and are based on certain key
assumptions.

The following important factors could cause the Telecom Italia Group's actual
results to differ materially from those projected or implied in any forward-
looking statements:

- the continuing impact of increased competition in a liberalized market,
including competition from global and regional alliances formed by other
telecommunications operators in the core domestic fixed-line and wireless
markets of the Telecom Italia Group;

- the ability of the Telecom Italia Group to introduce new services to
stimulate increased usage of its fixed and wireless networks to offset declines
in its fixed-line business due to the continuing impact of regulatory required
price reductions, market share loss and pricing pressures generally;

- the ability of the Telecom Italia Group to achieve cost-reduction
targets in the time frame established or to continue the process of
rationalizing its non-core assets;

- the impact of regulatory decisions and changes in the regulatory
environment;

- the impact of the slowdown in Latin American economies and the slow
recovery of economies generally on the international business of the Telecom
Italia Group focused on Latin America and on its foreign investments and capital
expenditures;

- the continuing impact of rapid changes in technologies;

- the impact of political and economic developments in Italy and other
countries in which the Telecom Italia Group operates;

- the impact of fluctuations in currency exchange and interest rates;

- Telecom Italia's ability to continue the implementation of its 2002-2004
Industrial Plan, including the rationalization of its corporate structure and
the disposition of Telecom Italia's interests in various companies;

- the ability of the Telecom Italia Group to successfully achieve its debt
reduction targets;

- Telecom Italia's ability to successfully roll out its UMTS networks and
services and to realize the benefits of its investment in UMTS licenses and
related capital expenditures;

- Telecom Italia's ability to successfully implement its internet strategy;

- the ability of the Telecom Italia Group to achieve the expected return
on the significant investments and capital expenditures it has made in Latin
America and in Europe;

- the amount and timing of any future impairment charges for Telecom
Italia's licences, goodwill or other assets; and

- the impact of litigation or decreased mobile communications usage
arising from actual or perceived health risks or other problems relating to
mobile handsets or transmission masts.

The foregoing factors should not be construed as exhaustive.  Due to such
uncertainties and risks, readers are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date hereof.
Accordingly, there can be no assurance that the group will achieve its projected
results.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Date:      October 22th, 2003


                                                   TELECOM ITALIA S.p.A.


                                              BY: /s/ Carlo De Gennaro
                                                  ---------------------------
                                                      Carlo De Gennaro
                                                       Company Manager