Italy
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Italy is planning to return to the dollar market in 2018 for the first time in years and could also make an appearance in yen further down the line. -
UniCredit followed up on its capital markets day by announcing the sale of a new additional tier one (AT1) bond on Wednesday.
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Belgium will issue its first sovereign green bond in the first quarter of 2018. Several countries in southern Europe are investigating the option, but they are less likely to issue in the near future.
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The European Central Bank has lowered UniCredit’s Pillar 2 capital requirements by 50bp, recognising the Italian lender’s latest efforts to clean up its balance sheet.
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Inter Media and Communication, the operator of FC Milan’s broadcast and sponsorship business, was out with its first high yield bond offering this week. Debutants have increased their presence in the market since June.
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Banca Imi has raised €250m of equity capital for a special purpose acquisition company, in partnership with DeA Capital, the alternative asset manager owned by the De Agostini Group.
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Underwriters of Banca Carige’s €500m rights issue were jubilant on Thursday, when the results of the deal showed it had attracted about €200m of demand in the open market — almost exactly the amount needed for the banks to avoid having to buy shares, and underlining that the Italian lender has been rescued in an orderly way by private sector investors, a first in recent Italian history, writes Jon Hay.
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Italian gambling company Gamenet Group priced a €72m Milan IPO this week after bookrunners slashed the price and reduced the size at the end of last week.
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Crédit Agricole Cariparma issued a €750m eight year Obbligazioni Bancarie Garantite on Monday at the tightest spread to mid-swaps for an Italian deal since the sovereign credit crisis.
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Italian state-owned railway operator Ferrovie dello Stato Italiane sold its first green bond on Thursday.
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On Thursday German telecoms company Deutsche Telekom sold its third bond with a 2024 maturity, while Italian state owned railway operator Ferrovie Dello Stato issued its first green bond.
