Italy
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Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank. -
Banco BPM was unable to tighten through initial price thoughts for a new additional tier one on Tuesday, as it looked to maximise its regulatory allowance for the asset class.
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UniCredit raised €2bn of preferred senior funding with a careful trade on Tuesday, as investors come to terms with a new pricing paradigm in the bank bond market.
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A €292.5m sale of shares in Italian cable maker Prysmian was well received by investors on Monday evening allowing Tamburi Investment Partners to sell most of its stake in the company.
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Public sector borrowers soaked up huge demand in the euro market on Tuesday including the State of North Rhine-Westphalia, which printed its biggest ever 100 year bond despite offering a yield of less than 1%.
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Luigi Nalini SpA, an investment vehicle representing the Nalini family, has sold €64.5m of stock in Carel Industries, the Italian maker of air conditioning and humidifier systems, via an accelerated bookbuild on Monday night.
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Italy is at an advanced stage with its green bond framework with a highly anticipated debut deal in the format expected to arrive this year, according to the Italian Treasury.
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A senior equity capital markets banker has left Barclays after more than a decade at the UK bank.
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Covered bond issuance from Europe’s peripheral regions is likely to be anaemic in 2021, as issuers will continue to rely heavily on far cheaper central bank funding. Covered bond spreads are very tight, but the cost of senior unsecured bonds has come down faster, and deposits have grown.
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The Finnish financial sector wants to put the brakes on new measures aimed at completing the Banking Union, arguing that EU member states should move back into a clearly defined process of risk reduction.
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Pirelli, the Italian tyres company, has issued its first convertible bond since its re-IPO on the Milan Stock Exchange in 2017, raising €500m.
