Italy
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years. -
Three banks jumped into the euro senior market after the Easter break on Tuesday, benefitting from stable demand and printing with low new issue concessions.
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The Italian treasury has announced plans to issue a third BTP Futura — a bond format that exclusively targets retail investors — in April, which will come with a 16 year maturity.
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Aviva was met with strong demand for a tender offer this week, prompting the firm to buy back £200m more bonds than expected and increase the size of its debt reduction targets.
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Remo Ruffini, the Italian fashion billionaire, has offloaded €412m of shares in Moncler, the luxury goods company famous for its down jackets, through an accelerated bookbuild on Tuesday night.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 8. The source for secondary trading levels is ICE Data Services.
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Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.
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Crédit Agricole Italia became the first Italian bank to issue a green obbligazioni bancarie garantite on Monday and the first in well over a decade to issue an OBG at a single-digit spread over mid-swaps.
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FIG issuers are taking care to announce deals before opening order books this week, as they try and book their places in the market ahead of a tricky meeting for the European Central Bank on Thursday.
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Italy made its long-awaited green bond debut this week, and set new records for the biggest and longest sovereign green bond.
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Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.
