Italian Sovereign
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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. -
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.
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Italy’s first inflation-linked syndication in more than two years hit the market on Wednesday and raised €4bn from a book of €22bn, far outstripping the €6.4bn book for its previous linker sale.
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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. Meanwhile, the Treasury has given a mandate for a new inflation-linked bond.
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An impressive rally in Italian risk assets has been completely overturned this week, as Italy descended into political chaos. Some market participants now fear a repeat of last year, when Italian issuers were frozen out of debt and equity markets as the country’s government fought with the European Commission over its annual budget targets. Tyler Davies and Sam Kerr report.
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Disruption in Italian politics has punished the BTP market this week as the country heads towards a possible autumn general election.
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Rising expectations of a snap Italian election before the end of the year are threatening to send the spread between 10 year Bunds and BTPs wider by as much as 250bp, according to analysts.
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Borrowers across the eurozone periphery will have spied a chance to raise capital after deals from Greece and Italy’s Banco di Desio this week.
