Italian Sovereign
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Retail bid to the rescue as central bank bows out
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New retail government bond sale draws in €4.8bn of demand on first day
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Sovereign targets retail investors as BTP spread over Bunds hovers near 200bp
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Italy government bond yields shot up on concerns of widening fiscal gap
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SSA issuers in euros have gone up a gear as Easter break nears
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BTPs have widened from their tightest level against Bunds in nearly a year this week as the fallout from the SVB crisis brewed in the US banking sector and beyond, driving a flight to safety among investors.
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Sovereign issuer pays lower concession than on January syndication
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Sovereigns take €7bn each while supranationals and agencies also keep euro buyers busy
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The EU and sovereign issuers will keep SSA investors busy with year-end deals
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Italy surprised with economic expansion last quarter but the spread between BTPs and Bunds widened after it was said that the government will take on additional borrowing in 2023 to fight the energy crisis
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The prime minister-elect will not want to jeopardise Italy's access to EU help
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European sovereigns in good fiscal position to provide finance through energy crisis
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Sovereigns snap up a combined €11bn despite volatile market
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Sovereign pair move ahead of ECB rates verdict and anticipated EU supply
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The tightening is unlikely to be sustainable, says analyst
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The eurozone's periphery sovereigns will have to pay more to access capital markets but can weather the storm
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Central bank staff comments slashes hope that bank will step in to stop sell-off
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Range of trades on offer including rare floater and much delayed green euro debut
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Dovish bias expected in first meeting since Russia invaded Ukraine
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Italian 10 year bonds at widest spread to Germany equivalent since summer 2020
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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.
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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.
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Italy mandated banks on Monday to lead a syndicated dollar dual tranche comprising new three and 30 year bonds as the sovereign continues to build out a curve in the currency following its return to the dollar market in 2019.
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It is almost a month since the ECB promised to “significantly increase” the pace of its purchases under the Pandemic Emergency Purchase Programme. So far, the purchase data reveals little in the way of acceleration, but the head of the Italian treasury Davide Iacovoni says it’s on the way.
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Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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The Italian treasury has announced plans to issue a third BTP Futura — a bond format that exclusively targets retail investors — in April, which will come with a 16 year maturity.
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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 business on Monday, March 8. The source for secondary trading levels is ICE Data Services.
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Italy made its long-awaited green bond debut this week, and set new records for the biggest and longest sovereign green bond.
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Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.