Italy in the news

  • Italy EUR6bn 2.45% Sep 33

    • 19 Jan 2017
  • Dollar long end in SSA sights despite Trump dollar diss

    US President-elect Donald Trump left market participants dumbfounded by saying that the dollar is too strong just a few days before his inauguration on Friday — a position he won after a campaign promising infrastructure spending and tax cuts. But while Trump’s ability to disrupt markets is likely to be a feature of the next four years, the start of an unwinding of the ‘Trump trade’ could help public sector borrowers bring 10 year deals to a red hot dollar market, writes Craig McGlashan.

    • 19 Jan 2017
  • A steady hand needed to find long end euro demand

    Euro bonds at the 10 year maturity and beyond have proven difficult so far in 2017, but a strong performance from the European Investment Bank may have shown other issuers what it takes to pick up size at long maturities.

    • 19 Jan 2017
  • Italy matches Belgium for size, book and curve performance

    Italy on Wednesday produced an almost carbon copy trade of Belgium’s 10 year euro benchmark from earlier this week, printing €6bn as its curve tightened in the background — although with a longer dated bond.

    • 18 Jan 2017
  • Italy prepares 2017 debut after breezing through DBRS downgrade

    Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.

    • 17 Jan 2017
  • Italy faces rating trial as Portugal passes test

    Portugal found the best possible medicine to a rising fever in its bond yields by building a large order book on Wednesday for its first syndication of 2017. Attention now turns to Italy, which faces a crucial rating review by DBRS on Friday.

    • 12 Jan 2017
  • Pioneer Investments: swift action could repair Italy

    Italy’s new prime minister Paolo Gentiloni has the opportunity to provide a strong boost to Italian bonds if he acts swiftly, according to Pioneer Investments.

    • 12 Dec 2016
  • Italy and periphery bonds brush off Renzi resignation

    Italy and the wider eurozone periphery this week rode out the latest vote against the political status quo of 2016, as government bonds performed well despite the resignation of Italy’s prime minister Matteo Renzi after losing a constitutional reform referendum over the weekend.

    • 08 Dec 2016
  • ECB: between a rocky referendum and a hard inflation pace

    The market was already expecting that the European Central Bank would announce an extension to quantitative easing — and be tight-lipped on tapering — at its next governing council meeting on Thursday. The resignation of Italy's prime minister Matteo Renzi following defeat in a constitutional referendum on Sunday now means the central bank has little choice but to offer some more easing.

    • 06 Dec 2016
  • SSA market steady after Italian ‘no’ vote, as bankers await ECB action

    The public sector bond market rode out the widely expected ‘no’ result of the Italian constitutional referendum on Sunday night, as bankers looked at a possible silver lining in the form of a more dovish European Central Bank meeting on Thursday.

    • 05 Dec 2016
  • Renzi’s tantrum is a made-up crisis — fear Austria

    Markets are obsessing about the Italian referendum on Sunday. Commentators are cramming everyone’s inboxes with warnings about how a 'no' vote on premier Matteo Renzi’s attempt to streamline Italy’s Senate could precipitate a fresh eurozone crisis and imperil Italy’s creaking banks.

    • 01 Dec 2016
  • Italy pressure resumes despite ECB backstop

    Rumours of increased European Central Bank support have failed to take pressure off Italian sovereign credit default swaps, despite a rally on Tuesday, with the country resuming its widening divergence from European peers on Wednesday ahead of this weekend’s referendum.

    • 30 Nov 2016
  • ECB rumours drive Italy rally

    The Italian referendum on December 4 has been lurking in SSA bankers' diaries as a dangerous risk event but, on Tuesday, rumours of enhanced European Central Bank support led to a rally in Italian government paper.

    • 30 Nov 2016
  • Italy yields hit June 2015 levels at auction as referendum looms

    Italy’s bond yields hit their highest levels at auction since June 2015 at the country’s final bond sale before Sunday's constitutional reform referendum that could lead to the resignation of prime minister Matteo Renzi.

    • 29 Nov 2016
  • Italy prepares final bond sale before crucial referendum

    The Italian Treasury is on Tuesday set to hold its last bond auction before the country holds a referendum on constitutional reform that analysts believe could have an impact on eurozone periphery spreads into the new year.

    • 28 Nov 2016

Dealer League Table Italy

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jan 2017
1 UniCredit 6,899.30 3 17.98%
2 Intesa Sanpaolo SpA 6,289.05 3 16.39%
3 Goldman Sachs 3,649.13 3 9.51%
4 JPMorgan 2,861.69 2 7.46%
4 HSBC 2,861.69 2 7.46%

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Morgan Stanley 1,158.55 2 14.54%
1 JPMorgan 1,158.55 2 14.54%
1 HSBC 1,158.55 2 14.54%
4 Bank of America Merrill Lynch 1,018.09 1 12.78%
5 Danske Bank 662.83 1 8.32%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Goldman Sachs 3,533.69 6 12.02%
2 JPMorgan 3,387.74 5 11.52%
3 HSBC 3,118.62 6 10.60%
4 Citi 3,063.28 6 10.42%
5 TD Securities Inc 2,869.30 6 9.76%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 JPMorgan 3,111.53 5 17.78%
2 Bank of America Merrill Lynch 2,735.23 4 15.63%
3 HSBC 2,589.66 3 14.80%
4 LBBW 2,024.41 4 11.57%
5 Barclays 1,213.11 3 6.93%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 HSBC 8,562.94 16 11.90%
2 JPMorgan 7,530.41 18 10.46%
3 Barclays 7,389.83 18 10.27%
4 Bank of America Merrill Lynch 6,234.66 16 8.66%
5 Citi 4,953.38 17 6.88%