Italy
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SIA, the state-controlled Italian payments company, is pushing ahead with plans for a listing in Milan this year, according to sources, if the Covid-19 coronavirus does not destroy sentiment for Italian equities. -
Equity capital markets bankers have welcomed the return of rights issues as the total volume of underwritten equity raises announced year-to-date ramps up. Now, they are thirsty for more.
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Banca IFIS sold a senior bond this week, as Italian bank bond spreads rallied following Intesa Sanpaolo’s takeover bid for UBI Banca.
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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, February 17. The source for secondary trading levels is ICE Data Services.
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Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.
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Italy is considering the sustainability-linked bond format pioneered by Italian electricity and gas company Enel, but Davide Iacovoni, head of Italy’s debt management office, thinks the structure may not suit the sovereign’s priorities of ensuring liquidity and maximising reach.
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Borrowers hit screens in euros from three to 50 years this week, all enjoying heavily subscribed books and pricing with skinny new issue premiums thanks to investors’ confidence in consistent support from the European Central Bank.
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Italian banks have been piling into the primary bond market in the first quarter, capitalising on an incredible rally in the sector as investors look for new sources of value.
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UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.
