Italian Sovereign
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Italy has hired banks to tap its 2.8% March 2067 BTPs, as the week's supply of long term euro debt shows little sign of abating. -
Giovanni Tria, Italy’s minister of economy and finance, rebuffed the chances of a controversial ‘Mini BOT’ financial instrument coming into effect, as he gave a keynote address at the start of Euromoney's Global Borrowers and Bond Investors Forum in London on Tuesday.
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Investors piled into deals for Spain and Italy on Wednesday despite the miniscule yields on offer, as the spectre of further easing of monetary policy looms large over the market.
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Italy has surprised the market by hitting screens with a new 20 year euro benchmark trade while it is facing disciplinary action from the European Union for having excessive debt.
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Italy’s parliament stunned the capital markets this week when it waved through a radical motion to explore issuing securities that resemble a parallel currency to the euro, in a development that has been met with almost universal derision. Frank Jackman, Lewis McLellan and Mike Turner report.
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Financial institution issuers surprised market participants with no deals in the euro market on Monday after a busy period of roadshows. And as the week moves towards the European Central Bank's announcements on Thursday, issuance conditions might not improve.
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The public sector bond market is braced for S&P’s review of Italy’s credit rating this Friday. Investor analysts said a downgrade would result in a “material widening” of BTPs if the sovereign fell to just one notch above investment grade.
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A trio sovereigns went to the MTN market over the past week, including Italy, which issued a yen bond for the first time since 2009. The deal, led by Nomura, was also its first issue in a foreign currency since 2010.
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Italy has issued a yen bond for the first time since 2009. The deal, led by Nomura, is also its first issue in a foreign currency since 2010.
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In this round-up, Cassa Depositi e Prestiti signed a memorandum of understanding (MoU) with Bank of China to issue a Rmb5bn Panda bond, Bank of Beijing and ING agreed to launch a JV and the Shanghai tech board published detailed information on nine IPO candidates.
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