Italy
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◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value -
◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year
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◆ Japanese telco brings deal after two day roadshow ◆ Shorter tranche leads demand ◆ Italgas pushes through with €750m six year
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Sovereign keeps funding guidance unchanged for 2026 but warns against 'adverse effects on growth'
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Poste will not borrow for the cash component
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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
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Company last issued Schuldscheine in 2019
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◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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‘Amazing’ reception for long dated syndications but issuers explore different options amid persistant duration risk
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◆15 year a ‘good entry point to the long-end’, says sovereign ◆ Fear of missing out from both old and new investors ◆ Why Italy ran no co-lead pot this time
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◆ First IG corporate SLB of the year ◆ Deal lands at tight end of guidance ◆ Interest in SLB format on the slide
