Italian Sovereign
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It was all going so well for Italy. Its entry to the 50 year bond club on Tuesday pulled in a monstrous €18.5bn of orders. But almost immediately the bond became tradeable, the market frothed with talk of the European Central Bank tapering QE, sending Eurozone periphery bonds into a tailspin to remind everyone just how much markets are in the grip of central bank policy. Lewis McLellan reports. -
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It was shaping up to be a healthy week for euro issuance in the SSA market until a rumour about the European Central Bank planning to “taper off” its asset purchase programme ruined the vibe.
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Italy joined the ultra-long borrower club on Tuesday, attracting more than €18.5bn of demand for its first ever 50 year syndication.
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Italy announced on Monday the banks to lead its first ever 50 year syndication, a bond planned since May.
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Worries over an upcoming Italian constitutional referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to Société Générale.
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Worries over an Italian constitutional reform referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to a note from Société Générale.
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A pair of eurozone periphery sovereigns have deals in the pipeline — but could face problems bringing the trades, bankers warned this week.
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The downward spiral of euro periphery borrowing costs on Thursday showed no signs of slowing. For the second month in a row, Italy sold five year paper at a record low yield
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The immediate post-Brexit result landscape looked like a daunting one for eurozone periphery issuers. But just under a month later, one could argue they have never had it so good.
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The lack of any concrete monetary easing announcements at a meeting of the European Central Bank’s governing council on Thursday could spark a rise in eurozone periphery sovereign yields, analysts have warned.
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A stronger picture is emerging for the eurozone periphery late in the week, after the region’s governments suffered a spike in yields in the immediate aftermath of the UK’s vote to leave the European Union.
