Italy’s CDP sails through benchmark return

The eurozone periphery passed the first real test of the robustness of its recovery with top marks this week, after an Italian public sector issuer brought a successful benchmark despite market volatility meaning the deal came a day later than expected. The fact that Cassa Depositi e Prestiti (CDP) was able to avoid a longer postponement on its plans to sell a first benchmark since 2011 is testament to the strength of demand for issuers in the region.