Italian banks show how far the credit rally has come

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By Tyler Davies
11 Jun 2020

UniCredit jumped into the euro market to raise senior funding at a pricing level it found much more familiar than recent elevated levels this week, while BPER Banca gave investors their first chance in several months to buy a new issue from a second tier Italian bank.

Italian lenders have been slower to return to the primary debt markets than many of their peers in other European countries.

Their credit spreads severely underperformed in February and March amid fears about Italy’s ability to finance its economic recovery after Covid-19.

But there has been a ...

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