Italian Sovereign
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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. -
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.
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Italy picked the banks to lead its debut green bond on Tuesday after unveiling its sovereign green framework to investors last week.
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Italy published its much anticipated green bond framework on Thursday, ahead of a debut green BTP later in 2021.
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There were flashbacks to last month’s Spanish syndication in the bond market this week as Italy made an emphatic start to the Draghi era in the BTP market. The borrower shed billions of orders on Tuesday after aggressively pricing its first syndication since the appointment of the ex-ECB chief as the country’s prime minister. Burhan Khadbai reports.
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Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.
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Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.
