Italy
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Some investors are optimistic that Italy’s borrowing costs can recover following a rapid rise over the last few days as the spending plans of its likely new government came to light. But they also warned that the picture is rapidly changing — as evidenced by the apparent push-back this week by the Italian president against the proposed candidate for prime minister. -
An unorthodox government is now in charge in Italy, but this should not prevent investors from backing Italian corporates as they prep initial public offerings.
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Rainbow Group, the Italian media firm best known as a producer of children’s television, has decided to pull its listing on Borsa Italiana.
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The pipeline for this week is swelling, according to an SSA syndicate official, but the focus may shift from last week's emphasis on euros to dollars.
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On Monday investors were turning away from Italian bank debt after the Five Star Movement and the League reached a coalition agreement. But some believe the market will shortly rally.
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Investors dumped BTPs this week as far from market-friendly plans emerged from talks this week between the Five Star Movement and the Northern League, which looked set to form a government as GlobalCapital went to press. But there were still some notes of optimism as Italy sold the latest line of its BTP Italia product with little fuss and bankers said BTP yields were still very far from crisis levels.
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A populist coalition poised to take power in Italy sent shudders across markets this week, with the concerns going well beyond BTPs and Italian corporates to spill into other countries and raise questions over the future of eurozone capital markets unity. Craig McGlashan, Jasper Cox and Sam Kerr report.
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Italian energy company Enel sold €1.25bn of new hybrid bonds this week to help fund the repurchase of its hybrids with 2019 and 2020 call dates.
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Italian bank debt was in the firing line this week, after investors became fearful of the country’s political situation for the first time since the election in March.
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Sometimes, investors get hit by political events that come out of nowhere. Other times, they walk straight into an oncoming freight train, even though it's blowing its horn at top volume.
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Italian equity markets remain volatile as details of a coalition agreement between the Five Star Movement and Northern League emerge, but ECM bankers are less confident that the volatility will harm Italian IPOs.
