Italy
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Banca Carige is reported to be undergoing investigation in relation to market rigging, just days after the European Central Bank told it to appoint a new chairman and suggested it consider a merger. -
The smooth execution of cable firm Prysmian's rights issue, which was priced last week, is a further indicator that good Italian companies will still be able to utilise equity capital market solutions, no matter how unstable the country’s political future might look.
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Italy’s Tecnimont has agreed a new syndicated loan package totaling €285m from its domestic banking group, with the engineering contractor cutting 25bp off its debt costs.
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Caius Capital said on Monday morning that it would pursue its dispute over the regulatory status of a UniCredit capital instrument, after the European Banking Authority rejected its request to open an investigation.
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Prysmian, the Italian telecommunications manufacturer and cable company, got strong investor support for its rights issue, launched to partially fund the $3bn acquisition of US firm General Cable.
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Electricity network operator Terna has sold the first investment grade corporate bond from an Italian issuer since the formation of the country’s new government and was rewarded with an order book that was more than 5.5 times subscribed, demonstrating an investor base that is open to Italy risk once more. Nigel Owen reports.
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LCH RepoClear has raised its margin on several Italian government debt securities, but the market reaction has so far been muted, according to analysts.
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Banco Popolare di Milano (BPM) attracted a bit more demand for a covered bond it issued this week than the previous two Italian deals, as the relative value compared to Italian government bonds was more attractive.
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Italian electricity network operator Terna sold its first green bond on Monday and was rewarded with an order book that was more than 5.5 times oversubscribed.
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Investors are upbeat about the prospects for Italian government bonds, believing that “market forces” will act as buffers to the effects of exuberant populist government policy. The sovereign had an auction of medium to long term debt this week that was well supported.
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National Bank of Greece (NBG) won an investment grade covered bond rating this week, showing the way for European Central Bank (ECB) repo eligibility to other Greek banks. Along with a more stable fiscal and political backdrop and an imminent exit from its bail-out programme, Greek covered bonds have a good chance of outperforming Italian versions.
