Italian Sovereign
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Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP. -
Italy has mandated banks for its second syndication of the year, after a month in which its spread to closest peer Spain has tightened.
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Cassa Depositi e Prestiti has sold €300m and €150m notes late in February, despite dealers reporting an overall lack of MTNs in the market.
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A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year.
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Spain added another entry to its growing book of blockbuster trades this week, using a novel early-bird feature to help drum up demand for its traditional 10 year annual opener. The deal came as Italy’s spread over Spain widened, despite a court ruling that analysts said should be positive for political stability in Italy in the near term.
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US President-elect Donald Trump left market participants dumbfounded by saying that the dollar is too strong just a few days before his inauguration on Friday — a position he won after a campaign promising infrastructure spending and tax cuts. But while Trump’s ability to disrupt markets is likely to be a feature of the next four years, the start of an unwinding of the ‘Trump trade’ could help public sector borrowers bring 10 year deals to a red hot dollar market, writes Craig McGlashan.
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Euro bonds at the 10 year maturity and beyond have proven difficult so far in 2017, but a strong performance from the European Investment Bank may have shown other issuers what it takes to pick up size at long maturities.
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Italy on Wednesday produced an almost carbon copy trade of Belgium’s 10 year euro benchmark from earlier this week, printing €6bn as its curve tightened in the background — although with a longer dated bond.
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Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.
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Portugal found the best possible medicine to a rising fever in its bond yields by building a large order book on Wednesday for its first syndication of 2017. Attention now turns to Italy, which faces a crucial rating review by DBRS on Friday.
