Italy

Credito Emiliano will look to sell a tier two bond in the euro market, joining fellow Italian lender Credito Valtellinese in the FIG subordinated debt pipeline this week.

Snam, the Italian gas utility, issued a €1.25bn 10 year bond on Monday, winning praise from bankers away from the deal as it printed with no new issue premium.

Necta & Wittenborg Global Vending, the Italo-German vending machine maker, kicked off October for the euro high yield market, which printed €16bn of deals during the previous month.

Italian multi-utility company Hera made a rare visit to the euro market on Thursday as it issued a sub-benchmark 10 year bond that was over two times subscribed.

Rating: Baa1/BBB/BBB+

It was all going so well for Italy. Its entry to the 50 year bond club on Tuesday pulled in a monstrous €18.5bn of orders. But almost immediately the bond became tradeable, the market frothed with talk of the European Central Bank tapering QE, sending Eurozone periphery bonds into a tailspin to remind everyone just how much markets are in the grip of central bank policy. Lewis McLellan reports.

Rating: Baa2/BBB-/BBB+

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.