Italy

Italian scooter maker Piaggio announced a high yield bond roadshow on Tuesday, the seventh issuer to do so in five days as volumes continue to rebound after a difficult February.

As negotiations over the future of Italy’s government begin in earnest, investors appear to be betting that political risk for the country has been overestimated.

As negotiations over the future of Italy’s government begin in earnest, investors appear to be betting that political risk for the country has been overestimated.

Carmaker Fiat Chrysler Automobiles has amended its existing €6.25bn revolving credit facility to stretch out the maturity to 2023, but loans bankers are concerned about the low volumes of business to look forward to.

Banca Carige said in a statement on Wednesday that market conditions were “not yet in place” for its planned tier two deal.

Italian business software vendor TeamSystem returned to the public bond market to refinance a floating rate note it placed privately in 2016, as high yield fund managers increase their demand for floating rate debt this year.

Intesa Sanpaolo was able to raise €1.25bn of senior funding at the long end of its maturity curve on Monday, despite being the first Italian bank to access the market following the result of the country’s recent general election.

Credito Valtellinese, the Lombard bank which is raising capital to meet requirements of the European Central Bank, has announced that investors have taken 83% of its pre-emptive rights issue, with several firms anchoring the deal.

Investors are seeing the positives from last weekend’s Italian general election — despite a strong showing for populist parties and a hung parliament result — driving the 10 year BTP/Bund spread to a tighter point than it was before the vote.

A combination of economic reforms and economic turnaround has made Italy into one of the fastest growing equity success stories in Europe, something which will likely continue despite the increasing likelihood of an anti-EU government following Sunday’s election.

The results of Italy’s general election on Sunday indicated swelling support for right wing populist ideologies in Italy, but the euro SSA market appears to have accepted the result with equanimity, although only one borrower has popped its head over the parapet so far.

Italian equity capital markets players are waiting for clarity on the country's political future after Sunday's election gave the whip hand to the populist Five Star Movement and the anti-immigration Northern League.