Italy
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Giovanni Tria, Italy’s minister of economy and finance, rebuffed the chances of a controversial ‘Mini BOT’ financial instrument coming into effect, as he gave a keynote address at the start of Euromoney's Global Borrowers and Bond Investors Forum in London on Tuesday. -
Aegon Bank and Banco BPM each hit the euro market on Friday and launched €500m of debt in senior formats, following a week of prosperous conditions and successful deals.
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Italian equities bankers wondering what deals to bring from a country where the political situation is a constant threat to smooth issuance have been inspired by the recent UK listing of a luxury retailer. Sam Kerr reports.
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Commerzbank, Jyske Bank and UBI Banca all issued €500m senior non-preferred bonds with five year maturities on Thursday. But Jyske opted for a more flexible and efficient note, callable four years after its issuance date.
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Investors piled into deals for Spain and Italy on Wednesday despite the miniscule yields on offer, as the spectre of further easing of monetary policy looms large over the market.
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Italy has surprised the market by hitting screens with a new 20 year euro benchmark trade while it is facing disciplinary action from the European Union for having excessive debt.
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Investors are being forced towards riskier instruments for better returns, with safer assets looking expensive.
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Italy’s parliament stunned the capital markets this week when it waved through a radical motion to explore issuing securities that resemble a parallel currency to the euro, in a development that has been met with almost universal derision. Frank Jackman, Lewis McLellan and Mike Turner report.
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The European Central Bank’s (ECB) is expected to announce new policies on Thursday which, according to a fixed income strategist, will be positive for financial institution credits.
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Financial institution issuers surprised market participants with no deals in the euro market on Monday after a busy period of roadshows. And as the week moves towards the European Central Bank's announcements on Thursday, issuance conditions might not improve.
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Enel has completed its exchange offer of new hybrid bonds for old. The process began with a new issue of €300m of 61 year non-call six hybrids, which were priced last week to yield 3.625%.
