Italy
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If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue. -
Bonds issued by Italy’s most prominent banks surged in value on Wednesday, after S&P upgraded the credit ratings of 11 of the country’s financial institutions.
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Italian oil and gas engineering group Saipam printed its second issue of high yield bonds this year on October 27, as the market kept its momentum for top speculative grade rated borrowers.
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A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party.
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Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand.
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In an otherwise quiet week with many companies in corporate close periods, there were two large equity block trades on Monday night, in Moncler, the Italian designer of luxury coats and jackets, and VAT Group, the Swiss maker of vacuum valves.
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The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.
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Banca Monte dei Paschi di Siena (MPS) resumed trading on the Borsa Italiana this week, with its shares opening more than 35% below the level at which the Italian state recapitalised the bank.
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Euro corporate bond issuance was much cooler on Tuesday after Monday’s fireworks. “Maybe everybody parties on day one and is a bit hung over on day two,” mused one syndicate banker.
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Wind Tre, the Italian telecoms company, issued its €7.3bn senior secured bond deal on Tuesday, a day ahead of schedule, and priced all four tranches at the tight end of guidance.
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Nearly all of Banca Carige’s subordinated bondholders have approved a crucial bond exchange, shifting attention to the bank’s equity capital increase in November.
