Italy
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Three high yield borrowers on Monday announced refinancing deals in euros with roadshows starting this week — the first to meet with investors is Sindacato Nazionale Agenzie Ippiche, the Italian gaming company. -
Credit investors, whether in cash or synthetics, often welcome corporate restructurings by distressed firms. Job cuts, rationalisation of operations and, in particular, asset sales are usually regarded as bondholder-friendly actions.
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Yet another Italian corporate has come to the new issue euro bond market seeking liability management refinancing, as utility company Iren on Monday offered investors a €500m eight year bond.
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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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Snam’s zero coupon was the standout trade in the euro corporate bond market this week and while the borrower showed investors’ continued appetite for new issues, it also demonstrated conducive conditions for liability management.
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There is no shortage of factors that have troubled market participants this year: Brexit; US monetary policy direction; fragility in European banks; oil prices. All of these issues, and others, have caused credit spreads to widen at various intervals in 2016.
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Banca Monte dei Paschi di Siena’s tier two bonds received a boost this week, after it confirmed it was pressing on with its rescue plan but would not rule out Italian banker Corrado Passera’s new proposal for a way to raise €5bn of capital without involving bondholders.
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Italy’s corporate sector extended its run of new bonds intended to fund buy-backs on Wednesday, with multiutility Acea the latest borrower to use the manoeuvre.
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Snam visited the euro corporate bond market for the second week in a row on Tuesday, issuing a €500m four year bond and clinching a 0% coupon for the offering.
