Italy
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Massimo Moratti, the Italian petroleum tycoon, sold a €190m stake in energy company Saras along with his brothers on Wednesday evening. -
Italy’s yields hit a one month low as investors responded positively to comments from the country’s government suggesting it would stay within European Union rules on its upcoming 2019 budget. Some on the buy side believe there could be much more value to come from purchasing BTPs.
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Italian gas distributor 2i Rete Gas has dared to test the corporate bond market’s appetite for issuers from the country with a seven year trade. With its government budget on the horizon, some market participants said this deal could make or break the market for Italian issuance in 2018.
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Italy could return to the market for a second syndication this year, following the government’s highly anticipated 2019 budget, according to SSA bankers.
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Italy sold over €7bn of government debt with the highest yields in four years on Thursday, but the outcome was a positive one with Italy receiving good demand, according to bankers.
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Intesa Sanpaolo issued a €1bn senior bond on Thursday as it looked to get ahead of other banks, while its main competitor, UniCredit, considers doing more this year.
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On Thursday Intesa Sanpaolo become the first Italian bank to issue an unsecured bond since April, but it paid up to do so. It has led the way for the country’s banks in terms of issuance this year, having already printed both the first unsecured bond and the first covered bond since the general election.
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Mediobanca could look to buy an advisory boutique in its quest to become a pan-European corporate finance house, writes David Rothnie.
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The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.
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Concerns over the upcoming budget from Italy’s populist government — as well as the months’ long economic crisis in Turkey — took its toll on government bond yields in the eurozone periphery this week. But a hunt for safe assets among investors did play into the hands of top tier credits.
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KfW received solid demand for its €1bn global June 2020 benchmark tap on Tuesday, as investors lapped up the rising swap spreads caused by political tensions in Italy and economic crisis Turkey, and looked for safe assets.
