Italian Sovereign
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End of Pepp and potential for a President Draghi sends BTP-Bund spread to year wides -
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.
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Italy scored its second 10 year BTP syndication of the year on Tuesday as it took advantage of less volatile market conditions ahead of a crucial European Bank governing council meeting on Thursday. Greece will follow with a syndicated tap of its outstanding 10 year bond on Wednesday.
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Italy returned to the dollar market this week with a dual tranche offering of new three and 30 year bonds, with the latter extending the sovereign’s curve in the currency to 2051.
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Italy sold new three and 30 year dollar bonds through syndication on Tuesday as it continues to build out a curve in the currency.
