Italian Sovereign
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Italy has sparked a busy week for the eurozone periphery by cutting its borrowing costs at an auction of short term debt.
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Italy blew the doors off the market with the first eurozone periphery sovereign benchmark in a month. And with extra explosives from the European Central Bank, it may have blown a hole big enough for its peers to pile through, writes Craig McGlashan. -
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A eurozone periphery sovereign drew a hefty book for an inflation linked benchmark on Wednesday, paving the way for other countries from the region to bring deals, according to SSA bankers.
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The European Central Bank has beaten a case against it by a group of Italian investors claiming damages over the 2012 restructuring of Greek debt.
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The SSA pipeline is in full flow mid-week with a series of strongly supported deals, despite Ontario on Monday pulling a euro benchmark — the first pulled public sector deal in nearly a year.
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Italy’s five and 10 year borrowing costs dropped to their lowest levels since April on Tuesday, as the sovereign hit its maximum volume target of €8bn at a bond auction.
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Spain is enjoying a strong warm-up for a debt auction this week, as its yields fell faster than its eurozone periphery peers following a Catalonian election where independence parties won just under 50% of the vote.
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The second Greek general election of the year has returned a much more market friendly result than the first one, and SSA bankers are hopeful that a prevailing calm in the euro market could lead to some deals.
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Greece heads to the polls over the weekend for its second parliamentary election this year, but there is little concern of the plebiscite rocking markets like the earlier vote in January.
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Spain’s borrowing costs dropped in five years but rose in threes and 10s at an auction on Thursday, as Italy shelved its BTP Italia product for the year.
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Italy shunted just over €2bn of redemptions due over the next three years into the next decade, as Portugal sliced several basis points from its short term borrowing costs.
