Italian Sovereign
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Italy returned to the dollar market this week with a dual tranche offering of new three and 30 year bonds, with the latter extending the sovereign’s curve in the currency to 2051. -
Italy sold new three and 30 year dollar bonds through syndication on Tuesday as it continues to build out a curve in the currency.
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Italy mandated banks on Monday to lead a syndicated dollar dual tranche comprising new three and 30 year bonds as the sovereign continues to build out a curve in the currency following its return to the dollar market in 2019.
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It is almost a month since the ECB promised to “significantly increase” the pace of its purchases under the Pandemic Emergency Purchase Programme. So far, the purchase data reveals little in the way of acceleration, but the head of the Italian treasury Davide Iacovoni says it’s on the way.
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Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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The Italian treasury has announced plans to issue a third BTP Futura — a bond format that exclusively targets retail investors — in April, which will come with a 16 year maturity.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 8. The source for secondary trading levels is ICE Data Services.
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Italy made its long-awaited green bond debut this week, and set new records for the biggest and longest sovereign green bond.
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Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.
