Italian Sovereign
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Italy is planning to issue its inaugural green bond in the second half of 2020, joining Germany and Sweden, who are also looking to sell their debut bonds in the format next year. -
Italy printed an €800m 20 year inflation linked private placement on Thursday, satisfying demand from a single investor.
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Luxembourg is issuing a euro benchmark bond on Wednesday, for the first time for almost three years, setting out to raise €1.7bn with a zero coupon seven year bond. Other issuers are waiting to pounce if the European Central Bank's quantitative easing resumption creates the right conditions.
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Italy won huge backing from investors as it placed its first BTP Italia trade since a poorly received deal in November 2018, which came during the peak of the volatility in the country’s bond market.
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The Italian cabinet’s late night agreement on a draft budget for 2020 will drive investors to hold longer maturity BTPs, causing spreads to tighten ahead of a potential rating outlook upgrade next week, said analysts.
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Rating: Baa3/BBB/BBB
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After making a strong return to the dollar bond market for the first time since 2010, Italy aims to become a frequent issuer in the currency once again, according to the sovereign’s funding head.
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Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.
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Italy is out with initial price thoughts for its first dollar bond since 2010 as it aims to rebuild its curve in the currency. The sovereign is taking indications of interest for five, 10 and 30 year maturities, ahead of an expected launch on Wednesday.
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Italy is holding investor calls on Monday ahead of a planned multi-tranche global dollar benchmark, in what will be its first syndicated bond in the currency for almost a decade. The sovereign has been preparing its return to the public dollar market for a number of years and its plans were first reported by GlobalCapital.
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Italy's new finance minister, Roberto Gualtieri, has said Italy "would like to issue green bonds" to finance investment in greening its economy. The Treasury has begun working on the project.
