Italy

Covered bond issuers in Europe’s periphery should wake up to the fact that current spread levels are artificially tight and unsustainable. The first bank that recognises and takes advantage of this will have a distinct advantage over its competitors.

Although Obbligazioni Bancarie Garantite (OBG) supply has been limited this year, the universe of borrowers is set to expand as Fitch assigned a rating to a programme for Banco di Desio e della Brianza’s (Desio) in the expectation of a €500m deal.

Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.

Italian electricity network operator, Terna, brought its first new issue of 2017 on Wednesday, and benefitted from the current strong demand for triple-B rated bonds. The €1bn 10-year deal had an orderbook of €1.6bn and printed with a new issue premium of 10bp.

Italian cement and concrete group Buzzi Unicem launched a debut €250m triple tranche Schuldschein, with half of the intended volume directed at its German subsidiary, Dyckerhoff.

Pantheon Healthcare, the pharmaceutical developer owned by Permira, is marketing a €300m loan to finance the acquisition of Telematic and Biomedical Services with bankers saying demand for leveraged loans shows no signs of abating.

The IPO of DoBank, the Italian non-performing loan manager, has been priced at €9 a share, a third of the way up the original €8.35 to €10.25 initial range, making the deal worth €312m, including the increase option, which was exercised in full.

DoBank, the Italian non-performing loan manager, has trimmed the price range on its €260m IPO, and will close the book today (Tuesday June 11).

The up to €292m IPO of DoBank, the Italian non-performing loan manager, will close a day earlier than initially planned, according to a regulatory filing on Friday morning.

Cooperativa Muratori & Cementisti (CMC), the construction firm, proved there are pockets of demand for the industry, despite the recent troubles of another Italian cooperative, Manutencoop.

Predictions that financial institutions would ebb as the mainstay of equity capital markets business after the major post-crisis wave of recapitalisations had been completed have proved premature.

Italian toll road operator, Atlantia, was the only issuer in the euro corporate bond market on Thursday. The €1bn 10 year deal could be used to finance Atlantia’s proposed acquisition of its Spanish rival Abertis.