Austerity opens up CP market for Italians

Italy’s recent austerity measures could open up the commercial paper market to domestic issuers that wish to issue directly from the country.

  • 23 Sep 2011

Italy’s austerity package eliminates a 20% withholding tax for bonds with a maturity of less than 18 months. Cancelling the tax is seen as welcome and long overdue — despite the fact that many Italian issuers already issue short dated paper through offshore subsidiaries.

However, investors are still ...

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All Corporate Bonds

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4 Goldman Sachs 110,886.78 482 4.51%
5 Barclays 106,582.38 490 4.34%

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1 BNP Paribas 29,965.54 145 8.64%
2 Barclays 25,510.29 106 7.35%
3 Deutsche Bank 24,247.02 105 6.99%
4 SG Corporate & Investment Banking 21,202.74 113 6.11%
5 HSBC 19,467.45 94 5.61%

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1 JPMorgan 8,469.76 69 8.01%
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5 BNP Paribas 5,941.97 66 5.62%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 37,132.38 289 10.73%
2 Citi 29,048.74 232 8.39%
3 Bank of America Merrill Lynch 28,989.38 252 8.38%
4 Goldman Sachs 24,953.24 183 7.21%
5 Barclays 23,148.60 155 6.69%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 28,102.94 134 6.34%
2 Deutsche Bank 28,087.32 104 6.33%
3 BNP Paribas 27,948.80 144 6.30%
4 HSBC 25,973.95 128 5.86%
5 Citi 23,312.66 103 5.26%