Italian Sovereign
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Italy has sold a 30 year private placement with a coupon linked to the European consumer price index. Market participants are speculating that the deal indicates confidence that inflation may begin to rise.
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Italy wowed the market on Tuesday with the second blow-out 20 year sovereign benchmark in as many weeks, as bankers tipped other issuers to try out the unconventional maturity.
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An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.
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Italy enticed investors out the curve on Tuesday with its first ever 20 year euro benchmark, offering a pick-up of around 40bp over where its 15 year benchmark — a more traditional pricing point for the sovereign — was trading in secondaries. -
Portugal brought a dual tranche syndicated tap this week, in what some bankers felt was a disappointment amid a busy market where every other deal went well — but the leads were quick to defend the trade.
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Investors holding Italian Treasury certificates will not be required to pay the Italian sovereign if the instruments’ floating rate coupons turn negative — an increasingly likely possibility for an older format of the paper.
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World Bank tapped Italian retail investors for $165m this week, issuing a 10 year sustainable development bond.
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Portugal cut its funding costs at a bond auction and Italy lined up for a sale on Wednesday, as European Central Bank support protected eurozone periphery government bonds from any knock-on effects from a terrorist attack in Brussels on Tuesday.
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Eurozone periphery sovereigns are stamping down their borrowing costs at auctions amid a wave of dovish central bank actions — but one sub-sovereign in the region stands alone in suffering a sharp rise in its yields.
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Italy will bring the next line of its domestic inflation linked BTP Italia product in three weeks, sticking with a similar process to its last issue.
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Delve into the details of their respective economic and political prospects, and Italy’s investor credentials are seemingly more favourable than Spain’s, writes Jeremy Weltman.
