Italy gets huge book for dollar return, but questions linger over cost versus euros
Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.
Leads Barclays, HSBC and JP Morgan launched a combined $7bn syndicated bond for Italy, as GlobalCapital went to press. The deal comprises a $2.5bn October 2024 at mid-swaps plus 105bp, a $2bn October 2029 at plus 150bp and a $2.5bn October 2049 at plus 235bp....
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