Italy
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Banca Popolare di Vicenza has been refused a listing on the Milan stock exchange after its IPO failed to attract sufficient private demand, leaving Fondo Atlante to underwrite the entire capital raise and sending Italian bank shares tumbling on Tuesday. -
Banca Popolare di Vicenza’s board is to meet later this afternoon to consider the results of its €1.5bn IPO, for which the bookbuild closed earlier today (Friday April 29).
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UBI Banca became the first Italian lender to print tier two capital this year on Wednesday, laying the foundations for more periphery capital to follow.
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Periphery bank capital is back on the menu for investors this week, leaving FIG bankers feeling they can bring virtually any product to market for the first time since early January. And thanks to Vakifbank, that now includes Turkish covered bonds.
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Investing in Italy's bank recapitalisation fund could weaken larger lenders' vulnerable capital ratios, according to Moody’s.
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The Italian parliament approved a new law earlier this month that is expected to help finance a broad range of assets. Investors of the secured bonds have recourse to the underlying asset pool as well as an unsecured claim against the issuer.
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Italy wowed the market on Tuesday with the second blow-out 20 year sovereign benchmark in as many weeks, as bankers tipped other issuers to try out the unconventional maturity.
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The first block trade in OVS, the Italian fashion retailer, came on Tuesday evening, as Gruppo Coin, the BC Partners-backed retail group that owns it, sold €129m of stock. The trade was not covered.
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Italy’s Fondo Atlante became operational on Thursday morning, having been approved by Italian market regulator Consob and reached the threshold of raising €4bn from its backers. At the same time, the bookbuild has been launched for the IPO of Banca Popolare di Vicenza.
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Chili, an Italian online video platform, plans to list a €1.875m minibond next week on the Milan-based ExtraMOT Pro exchange.
