Italy
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Covered bonds issued this week from banks in Italy and Portugal were a roaring success from the sellers’ point of view. But none could have been done without the European Central Bank’s help.
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Poste Italiane, the Italian state-owned post office, narrowed on Wednesday the price range of its initial public offering in Milan. The bookbuild is set to close on Thursday. -
Unione di Banche Italiane (UBI) and Monte dei Paschi di Siena (MPS) followed Banca Carige with €750m covered bond benchmarks on Tuesday. Like Monday’s deal from Carige, the two transactions were barely subscribed despite generous pricing, and heavily relied on demand from the Eurosystem.
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Assicurazioni Generali SpA brought made periphery central on Tuesday, taking advantage of an otherwise empty session to secure strong demand for its tier two paper.
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WL BANK AG has mandated leads for an eight year mortgage backed covered bond and Banca Monte dei Paschi di Siena (MPS) has mandated leads for its first conditional pass through, a long six year. Both transactions are likely to be priced on Tuesday.
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Banca Carige raised €500m of five year covered bond funding on Monday with the rare 100bp spread providing enough juice to tempt some investors into the book, despite its junk rating from Moody’s.
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Deezer, the French music streaming service, opened the book for its IPO on Thursday morning, as the autumn’s busy season of flotations continues to produce successes, failures and deals that get done at weakened terms.
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Uncertainty over the make-up of the Portuguese government following an inconclusive election is playing havoc with the sovereign’s yields — but analysts warned it is not alone in suffering from potential political risk.
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Portugal is underperforming its nearest peers in the eurozone periphery ahead of a debt auction later this week, amid tense talks to form a government for the country.
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Italy has sparked a busy week for the eurozone periphery by cutting its borrowing costs at an auction of short term debt.
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Italy blew the doors off the market with the first eurozone periphery sovereign benchmark in a month. And with extra explosives from the European Central Bank, it may have blown a hole big enough for its peers to pile through, writes Craig McGlashan.
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