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.

By Tessa Wilkie
07 Feb 2014
CDP brought the deal on Wednesday — a day after it was expected — as peripheral bond markets bounced back from a poor open on Tuesday. The Spanish sovereign also benefitted from the improved conditions, cutting its funding costs at an auction of three to five year debt ...

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