Italian Sovereign

Shares in Rai Way, the broadcasting infrastructure arm of Italy’s state-owned radio and television station Rai, began trading this week, after the company priced its €280m IPO at the bottom end of the range.

Investment banking profits look poor at the two big Italian banks, UniCredit and Intesa’s investment bank Banca IMI.

Società Cattolica di Assicurazione, the Italian insurance company undertaking a €500m rights issue, looks set to provide its underwriters with a nervy few weeks. The shares began trading ex-rights on Monday and have already fallen to within 14% of the subscription price.

Pirelli, the Italian tyre producer, launched its first bond for two years on Thursday, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.

Pirelli, the Italian tyre producer, launched its first bond for two years today, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.

Waste Italia, a waste management subsidiary of Italy's Gruppo Sostenya, priced its debut bond on Thursday afternoon in New York time, though it had to sweeten the terms for investors.

UniCredit Group’s €2bn profit target for 2014 is within grasp after a decent set of third quarter results, which showed an improvement over last year at the group level. But the investment bank’s profits are still down on last year, despite an improvement in loan values for the first time in two years.

UniCredit has hired a new head of high yield syndicate from a private equity firm.

Rights and shares in Societa Cattolica di Assicurazione, the Italian insurance company, began trading separately today for the first time.

The European Central Bank's covered bond purchase programme (CBPP3) turned relative value upside down this week, with a French deal pricing inside a similar Swedish offering, among a crop of four new issues.

Cassa del Trentino showed one of the big advantages of an MTN programme when it nipped in to take advantage of a one day rally in Italian government bonds and save precious basis points on its funding costs.

Monte dei Paschi di Siena, Italy's oldest bank, is to launch a €2.5bn fully-underwritten rights issue as part of its response to the Comprehensive Assessment's finding of a capital shortfall.