Italian bank fundraising: not all la dolce vita
At first glance the flurry of Italian banks entering the capital markets — including such unfamiliar names as Banca Popolare Dell’alto Adige (BPAA) and Banca Sistema — is an indication that international investors will lap up the debt of Italian minnows just as readily as they do for larger lenders in other peripheral Eurozone countries.
Witness the covered bond this week from the National Bank of Greece, which was primarily bought by northern European investors.
Yet take a closer look, and some of these deals remain dominated by Italians. For the €100m tier two BPAA trade 69% of investors came from
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