Italian Sovereign
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Italy has issued a yen bond for the first time since 2009. The deal, led by Nomura, is also its first issue in a foreign currency since 2010. -
In this round-up, Cassa Depositi e Prestiti signed a memorandum of understanding (MoU) with Bank of China to issue a Rmb5bn Panda bond, Bank of Beijing and ING agreed to launch a JV and the Shanghai tech board published detailed information on nine IPO candidates.
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Public sector borrowers are set to enjoy yet more enviable funding conditions in euros, with central banks on an even more dovish path than before. At least one benchmark is in the pipeline for next week, while this week a core eurozone issuer sold its largest ever deal.
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The European Central Bank struck a decidedly dovish tone at its meeting on Thursday, meaning there were no nasty surprises for SSAs planning bond issues in the coming days. A French agency is on screens for a deal in dollars this Friday, while euro and dollar benchmarks are slated for next week.
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The common eurozone sovereign bond keeps rearing its head as a supposed solution to the monetary union’s problems.
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Italy received record-breaking demand for a long end syndication this week, overtaking its previous record set only last month. But it wasn’t all positive for Italy, as its bonds took a hit after the European Commission cut the country’s growth forecast on Thursday.
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Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.
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Italy will test peripheral sovereign appetite in the long end after hitting screens on Tuesday for a 30 year syndication.
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Società per la Gestione di Attività (SGA), Italy’s bad loan management vehicle, is preparing to sell its first senior unsecured bond in the euro market. The company’s funding needs have risen amid a growing focus on cleaning up the Italian banking sector.
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Dollar SSA issuance picked up in earnest this week after a slower than usual start to the year, with a rich variety of borrowers printing deals, some in record size or with record books. Conditions are such that SSA bankers are confident supply will keep coming and demand stay high for the next few weeks — cheering news for one sovereign issuer looking to make a comeback in the currency.
