Italy
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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. -
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.
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Italy’s first inflation-linked syndication in more than two years hit the market on Wednesday and raised €4bn from a book of €22bn, far outstripping the €6.4bn book for its previous linker sale.
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Italian information technology company Almaviva took a plunge far below par in the bond markets this week as investors mulled S&P’s rating cut from B+ to B. The rating agency fears that Almaviva will struggle to keep its leverage ratio in check because local telecommunications companies are abandoning it for cheaper alternatives in eastern Europe.
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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. Meanwhile, the Treasury has given a mandate for a new inflation-linked bond.
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A Banca Monte Dei Paschi di Siena (MPS) €1bn seven year issued on Tuesday was the most oversubscribed covered bond of its size issued this year and, with 300 investor orders, attracted the most granular order book of the year by a wide margin.
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Ferretti, the manufacturer of luxury Italian yachts, has opened the books on its IPO with the sellers setting a wide range, meaning public market investors will likely get a discount to where its shareholders Weichai Group and Piero Ferrari valued it in September.
