Italy

Banca Monte dei Paschi di Siena’s decision to offset its €5bn capital raise with a debt for equity swap will likely affect retail bondholders, once again raising questions about the investor base’s role in the capital markets.

The Italian subsidiary of Crédit Agricole has issued the longest Obbligazioni Bancarie Garantite ever seen with a dual tranche offering that boasted one of the most granular distributions.

Old loyalties and simmering disputes are dictating the winners and losers in the race for top billing in Italian FIG, writes David Rothnie.

Italian electricity transmission operator Terna hit the European investment grade corporate bond market on Wednesday, shrugging off investor concerns about European Central Bank tapering of its asset purchases.

The Italian subsidiary of Crédit Agricole has issued the longest deal ever seen in the history of the Obbligazioni Bancarie Garantite market, and with 140 orders, one of the most granular distributions.

It was shaping up to be a healthy week for euro issuance in the SSA market until a rumour about the European Central Bank planning to “taper off” its asset purchase programme ruined the vibe.

Italy joined the ultra-long borrower club on Tuesday, attracting more than €18.5bn of demand for its first ever 50 year syndication.

The Spanish bank has mandated leads for a roadshow to market what will be its first covered bond in six years.

Italy announced on Monday the banks to lead its first ever 50 year syndication, a bond planned since May.

Italy’s Credito Valtellinese (Creval) is fielding interest for a new tier two transaction, despite uncertainty around the country’s non-performing loan problem and the upcoming referendum on constitutional reform.

Korea Housing Finance Corp and Cariparma Crédit Agricole have hired lead managers to arrange investor meetings, with a view to issuing covered bonds in dollars and euros, respectively.

Worries over an upcoming Italian constitutional referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to Société Générale.