Italy
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Rating: Baa3/BBB/BBB
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The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union. -
After making a strong return to the dollar bond market for the first time since 2010, Italy aims to become a frequent issuer in the currency once again, according to the sovereign’s funding head.
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Lesser-known Italian financial institutions have moved to the front of the pipeline in the financial institutions bond market, as larger and more frequent funders begin slipping into blackout periods ahead of reporting third quarter earnings.
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Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.
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Banca Farmafactoring, an Italian financial institution with a specialism in factoring services, is preparing its first rated offering of debt in the capital markets after spying an opportunity to take advantage of ‘favourable’ conditions for issuance.
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Italy is out with initial price thoughts for its first dollar bond since 2010 as it aims to rebuild its curve in the currency. The sovereign is taking indications of interest for five, 10 and 30 year maturities, ahead of an expected launch on Wednesday.
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Italy is holding investor calls on Monday ahead of a planned multi-tranche global dollar benchmark, in what will be its first syndicated bond in the currency for almost a decade. The sovereign has been preparing its return to the public dollar market for a number of years and its plans were first reported by GlobalCapital.
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Italy's new finance minister, Roberto Gualtieri, has said Italy "would like to issue green bonds" to finance investment in greening its economy. The Treasury has begun working on the project.
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The financial institutions bond market has absorbed an enormous volume of supply over the past month, putting a strain on trading levels for outstanding securities. FIG bankers nonetheless expect that spreads could start to tighten once more in the coming weeks, amid a calmer flow of new issuance.
