Italian Sovereign
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Italian 10 year bonds at widest spread to Germany equivalent since summer 2020 -
Sovereign follows France into inflation-linked market days after presidential election
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Sovereign to join France as ECB faces growing pressure to raise rates
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Issuers head to farthest reaches of the curve despite record inflation and looming rate rises before opportunity closes
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Sovereign drums up €55bn of orders for new benchmark despite macro and political worries
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End of Pepp and potential for a President Draghi sends BTP-Bund spread to year wides
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European syndicates confident yen will return as ECB eases off buying
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Sovereign’s reduced funding needs means it is unlikely to print more debt than this year
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Lack of upcoming syndications and arrival of EU to green bond market affect result of Bund auction
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Italy will likely not borrow as much as it forecasted in April, thanks to a smaller than expected deficit
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, June 28. The source for secondary trading levels is ICE Data Services
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Italy brought a rare format to market on Thursday, selling its first syndicated CCTeu floating rate note in over a decade to extend its curve in this format of issuance.
