Italian Sovereign
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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. -
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.
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A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year.
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While SSA syndicate bankers maintain that conditions in euros are still good, there was barely any issuance this week as attention turned to next week’s ECB meeting and a potential snap election looming in Italy. Meanwhile, the European Stability Mechanism and European Financial Stability Facility revamped their funding programmes in light of better than expected funding opportunities in the past few months.
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The Italian Treasury on Thursday bought back €4.2bn of the November 2017 BTP Italia — more than €1bn above its target amount — as part of a syndicated exchange that swapped the bonds for paper maturing in the 2020s and 2030s.
