Italy
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◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week -
◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
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◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value
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◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year
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◆ Japanese telco brings deal after two day roadshow ◆ Shorter tranche leads demand ◆ Italgas pushes through with €750m six year
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Sovereign keeps funding guidance unchanged for 2026 but warns against 'adverse effects on growth'
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Poste will not borrow for the cash component
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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
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Company last issued Schuldscheine in 2019
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◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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‘Amazing’ reception for long dated syndications but issuers explore different options amid persistant duration risk
