Monti throws up Italian funding conundrum

14 Dec 2012

Italy survived a tumultuous week to all but complete its auction programme for 2012. But the debris left behind by prime minister Monti’s threat to resign ahead of next year’s general election may hinder the sovereign’s plan to issue a dollar bond in 2013.

Meanwhile, elsewhere in Europe’s periphery, analysts fear that Spain’s emphasis on short-dated funding in 2013 could backfire.

Market insiders suggested Italy had been planning to come with a dollar syndication as early as January. But Maria Cannata, director general of Italy’s public debt directorate, said although the general election, ...

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