Italy
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Italy showed that not every investor’s fingers were burned by the sudden sell-off of its debut 50 year benchmark last week, as it printed its largest private placement in over 18 months on Monday. -
UniCredit has tonight launched another block trade of shares in FinecoBank, the Italian retail online brokerage, bank and asset manager of which it owns 55.5%. The 20% stake is worth €580m before any discount.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
