Italian Sovereign
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The Italian Treasury is on Tuesday set to hold its last bond auction before the country holds a referendum on constitutional reform that analysts believe could have an impact on eurozone periphery spreads into the new year. -
Portugal’s bond yields fell to levels last seen in early September, as investor worries eased over a vital ratings review of the sovereign by DBRS this Friday.
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Italy showed that not every investor’s fingers were burned by the sudden sell-off of its debut 50 year benchmark last week, as it printed its largest private placement in over 18 months on Monday.
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It was all going so well for Italy. Its entry to the 50 year bond club on Tuesday pulled in a monstrous €18.5bn of orders. But almost immediately the bond became tradeable, the market frothed with talk of the European Central Bank tapering QE, sending Eurozone periphery bonds into a tailspin to remind everyone just how much markets are in the grip of central bank policy. Lewis McLellan reports.
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It was shaping up to be a healthy week for euro issuance in the SSA market until a rumour about the European Central Bank planning to “taper off” its asset purchase programme ruined the vibe.
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Italy joined the ultra-long borrower club on Tuesday, attracting more than €18.5bn of demand for its first ever 50 year syndication.
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Italy announced on Monday the banks to lead its first ever 50 year syndication, a bond planned since May.
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Worries over an upcoming Italian constitutional referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to Société Générale.
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Worries over an Italian constitutional reform referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to a note from Société Générale.
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A pair of eurozone periphery sovereigns have deals in the pipeline — but could face problems bringing the trades, bankers warned this week.
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The downward spiral of euro periphery borrowing costs on Thursday showed no signs of slowing. For the second month in a row, Italy sold five year paper at a record low yield
