Italy

Snam, the Italian natural gas transmission company, priced a €750m eight year bond on Tuesday, its first issue since it was added to the list of bonds that the European Central Bank will buy as part of its public sector bond purchase programme, or quantitative easing.

Istituto Centrale delle Banche Popolari Italiane (ICBPI) began offering its €1.1bn PIK bond with fixed and floating rate tranches on Tuesday, the first time such a structure has been used in the European high yield market, according to bankers.

A steady start to the week in the European corporate bond primary market had clicked into gear by Thursday, as corporate issuers emerged at pace from earnings blackouts.

Italy based construction company Saipem has signed an agreement with seven banks in a €6.7bn refinancing which will secure the firm an investment grade rating.

Iren, the newly rated northern Italian utility company, sailed through another day of low issuance on Monday, drawing in a €3.4bn order book for a €500m bond.

Italy hit its lowest yield since the introduction of the euro at a five year bond auction on Thursday, where it also slashed nearly 35bp from its 10 year borrowing costs.

Bi. Fin, the majority shareholder of Biesse, launched on Wednesday a block sale of shares in the Italian machinery manufacturer.

Italy sold debt with a negative yield for the second day in a row on Wednesday, as it prepares for a sale of longer term bonds amid strong speculation that the European Central Bank will expand quantitative easing in December.

Iren, the newly rated Northern Italian utilities company, sailed through another day of low issuance on Monday, drawing in a €3.4bn order book for its €500m bond.

Banca Imi has hired Alberto Viarengo as head of debt markets.

Poste Italiane, the Italian state-owned post office, priced its initial public offering in Milan on Friday, exactly at the middle of its original price range, to raise €3.058bn.

Poste Italiane, the Italian state-owned post office, looks set to raise €3.058bn in its IPO, which has been completed against an uneasy market backdrop. Final pricing has not yet been announced, but looks highly likely to be €6.75 a share.