Italian Sovereign
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The buy-side is slowly removing European duration from portfolios in anticipation of the European Central Bank cutting its asset purchase programme, according to an investment director. Meanwhile, new cash flowing into the eurozone periphery is likely to go to Italy over Spain while uncertainty lingers over Catalonia’s future. -
Eurex, the derivatives exchange of Deutsche Börse, will start offering BTP options on October 2.
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The European Central Bank’s asset purchase programme is forcing down the yield on Italian debt, prompting Italian bank investors to reduce exposure to their sovereign’s paper.
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Maria Cannata, director of Italy’s public debt, has hit back over comments about the country's government bonds made by Andrew Balls, Pimco’s chief investment officer of global fixed income risk.
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Looming political risk in Italy make the sovereign’s levels of yield and the spread it offers over German Bunds look too low, according to Andrew Balls, chief investment officer of global fixed income at PIMCO.
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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Cassa Depositi e Prestiti sold its first syndicated bond in over two years on Wednesday, returning to capital markets at a time when Italy’s political future looks the rosiest it has for months.
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All the action in the SSA bond markets switched to euros on Wednesday morning with the US Federal Reserve's imminent decision on interest rates quieting the dollar market.
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A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.
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Public sector issuers from the eurozone periphery this week drew big books on deals that later tightened in secondary trading, as expectations that Italy could be added to the long list of European elections this year failed to deter investors.
