Italian borrowers snub EM volatility to issue longest covered bonds

italy map
By Bill Thornhill
31 Jan 2014

The covered bond market showed its mettle this week as two peripheral issuers spurned emerging market volatility to price large, long dated benchmarks which drew exceptional demand.

Pride of place went to Unione di Banche Italiane’s €1bn 3.125% 10 year that attracted €4.5bn orders from 175 investors. Minutes after its book was closed, Intesa Sanpaolo opened books for a €1.25bn 3.25% 12 year that also attracted strong interest.

The solid execution of these deals ...

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