Italian Sovereign

◆ First EGB syndication in three weeks breezes through primary ◆ Sovereign rides recent upgrade momentum ◆ Quick execution, measured pricing and sizing approach

◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge

Retail bid to the rescue as central bank bows out

Italian 10 year government bonds outperformed Germany

New retail government bond sale draws in €4.8bn of demand on first day

Sovereign targets retail investors as BTP spread over Bunds hovers near 200bp

Italy government bond yields shot up on concerns of widening fiscal gap

SSA issuers in euros have gone up a gear as Easter break nears

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.

Sovereign issuer pays lower concession than on January syndication

Sovereigns take €7bn each while supranationals and agencies also keep euro buyers busy

The EU and sovereign issuers will keep SSA investors busy with year-end deals