Italian Sovereign
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◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge -
Retail bid to the rescue as central bank bows out
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New retail government bond sale draws in €4.8bn of demand on first day
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Sovereign targets retail investors as BTP spread over Bunds hovers near 200bp
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Italy government bond yields shot up on concerns of widening fiscal gap
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SSA issuers in euros have gone up a gear as Easter break nears
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BTPs have widened from their tightest level against Bunds in nearly a year this week as the fallout from the SVB crisis brewed in the US banking sector and beyond, driving a flight to safety among investors.
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Sovereign issuer pays lower concession than on January syndication
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Sovereigns take €7bn each while supranationals and agencies also keep euro buyers busy
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The EU and sovereign issuers will keep SSA investors busy with year-end deals
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Italy surprised with economic expansion last quarter but the spread between BTPs and Bunds widened after it was said that the government will take on additional borrowing in 2023 to fight the energy crisis
