Italy

Italy scored its second 10 year BTP syndication of the year on Tuesday as it took advantage of less volatile market conditions ahead of a crucial European Bank governing council meeting on Thursday. Greece will follow with a syndicated tap of its outstanding 10 year bond on Wednesday.

Generali launched a takeover bid for fellow Italian insurer Cattolica this week, leading to a sharp rally in the value of the smaller and once beleaguered firm’s tier two bonds.

Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.

Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.

Euroclear mistakenly credited investors with interest on one of UniCredit’s legacy capital deals this week, shortly after the Italian bank made a controversial decision to skip the coupon. The asset servicer is in the process of reversing its error.

Gas and heating components manufacturer SIT Group has sold a €40m private placement to Pricoa, which has margins tied to the Italian company’s sustainability.

UniCredit will skip a coupon on one of its legacy capital instruments this month, after stating that a net loss in 2020 means it no longer needs to make the payment. Investors were surprised by the decision, which many saw as a U-turn.

A group of Italian insurance executives have teamed up to launch a new special purpose acquisition company on the Alternative Investment Market of the Borsa Italiana. The €200m IPO is due to close later today.

The European Central Bank issued several warnings about the banking sector in its Financial Stability Review (FSR) this week, as it drew attention to corporate zombification, a new capital markets exodus and an undesirable tightening in lending standards.

Nerio Alessandri, the Italian billionaire founder and CEO of Technogym, has reduced his stake in the high-end gym equipment manufacturer via an accelerated bookbuild.

This week, Antares Vision, the Italian technology company, has completed a large share sale on the Italian stock exchange which will act as a re-IPO.

Permanent TSB added to a recent run of Irish bank supply on Wednesday, tapping into strong investor demand with a new tier two in the euro market.