Eni’s patience pays in huge blowout for Italian reopener
The risk-on tone in Europe’s corporate bond market is developing a hard shell. No matter that Thursday’s 0.75% fall in the S&P 500 wiped out nearly all of Wednesday’s 1% rally. Today was a day for action, and Eni, the Italian oil group, pounced, after watching the market since the end of last year.
All this year so far has been an open window for companies, but Enis patience or caution in not launching sooner has likely paid off.
In the first Italian issue of 2012 in euros or sterling, Eni had demand coming out of its ears. The 11bn
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