Issuance of Italian bank debt in 2019 has nearly caught up with last year’s running total. Banca Popolare di Sondrio this week followed Mediobanca and UniCredit into the market to cap off a big week of supply by the nation’s lenders. The run could yet extend further, with UBI Banca gearing up for a debut green bond.
Italian banks were effectively shut out of the credit markets for most of the second half of 2018. Their funding costs soared as the government clashed with the European Commission over its spending plans.
But they have wasted little time in taking advantage of a return to favourable