Italy
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Europe’s banks, with a few notable exceptions, have yet to be hit hard with claims of unethical dealing. But that is likely to change. Thanks to a quirk of the European regulatory system, supervisors need to find some misselling before it is too late.
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Portugal’s 10 year yields have risen while fellow eurozone periphery sovereigns Italy and Spain have staged a moderate rally, with bankers noting that investor fears are focused on Portugal’s political outlook. -
Italian ferry operator Onorato Armatori on Friday sold €300m of secured notes as investors backed its plans for a new financial structure.
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Italy set bankers’ hearts aflutter this week with an early contender for deal of the year, breaking several records with a €9bn 30 year benchmark. But more importantly, the trade blasted open a hole at the long end that other sovereigns could pile through.
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Kommunalbanken (KBN) are set to price the first five year dollar bond for three weeks on Wednesday while Italy’s 30 year bond was the first SSA issuance in the tenor for 2016.
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Italy has sold the largest ever 30 year bond in euros, a trade that is likely to inspire other issuers into the tenor amid what some bankers are calling a key time for the SSA market.
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Onorato Armatori, the Italian ferry operator, woke up the high yield market with a four day roadshow on Monday for its €300m debut bond. The issuer was followed by four more announcements.
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Italy is set to benefit from a Bank of Japan-induced rally in eurozone government bonds late last week after mandating for a 30 year benchmark on Monday — and bankers suggest Spain could follow with a similar deal.
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Credit markets endured another rollercoaster week as persistent nervousness prevailed over intermittent optimism and soured an earlier rally.
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Monte dei Paschi di Siena may be the ugly sister of Italian banks for investors, but it’s the Italian sovereign’s favourite son when it comes to primary dealerships.
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Last year the Markit iBoxx Euro Banks index was one of the outperforming bond sectors in Europe having returned 1%. The index, which is largely made up of bonds issued by European banks, even managed to outperform defensive sectors such as healthcare and utilities, while Europe’s regulatory oversight and relaxed monetary conditions kept market confidence in check.
