Italy
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Investing in Italy's bank recapitalisation fund could weaken larger lenders' vulnerable capital ratios, according to Moody’s. -
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.
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Italy’s Fondo Atlante is now operational, 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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Buzzi Unicem, the BB+ rated Italian cement and concrete group, on Wednesday issued €500m of seven year notes with minimal support from high yield funds.
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UniCredit published a statement today clarifying certain aspects of its sub-underwriting agreement for the IPO of Banca Popolare di Vicenza with Fondo Atlante, the fund being set up by Italian financial institutions with the encouragement of the finance ministry.
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UBI Banca has begun marketing a tier two transaction, which will be the first capital sale from an Italian bank since January.
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An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.
