Italy
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata. -
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Italian auto finance bank FCA Bank was in the market on Wednesday with its first benchmark floating rate note, which was priced with no new issue premium.
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Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite having a longer maturity.
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UniCredit has become the first Italian bank to sell a non-preferred senior bond, clearing the path for further issuance out of the country.
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A combined €48bn of cash swelled the orderbooks for Italy and Portugal’s deals on Wednesday, dispelling any fears that the reduction of the European Central Bank’s quantitative easing programme would hamper demand.
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Brunello Cucinelli, the Italian luxury goods entrepreneur, sold a 6% stake in the fashion brand named after himself through a block trade on Tuesday night, to raise money to spend on charitable projects.
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On Wednesday French toll road operator Autoroutes du Sud de la France followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year new issue. Meanwhile Italian auto finance bank FCA Bank was also in the market with its first benchmark floating rate note.
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January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.
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Banca Monte dei Paschi di Siena’s comeback plans show that there is still a big difference between tier two and additional tier one (AT1) bonds, even after the failure of Banco Popular.
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Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite printing with a longer maturity.
