Italy in the Global Marketplace 2016

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  • Italy’s reform plan is bearing fruit

  • Renzinomics — starting to deliver?

    Economists have more reason to feel upbeat about Italy’s prospects now than in years, but a lot hinges on the prime minister’s reform agenda and the European Central Bank’s quantitative easing programme, writes Phil Moore

  • Making progress but no let up on reform

    In May 2013, Salvatore Rossi was appointed senior deputy governor of the Bank of Italy, where he has served since 1976. In this interview with GlobalCapital’s Phil Moore, he shares his views on the prospects for the Italian economy, banking industry and capital markets.

  • Italy opens for business with privatisation programme

    With a €2.2tr debt mountain, Italy needs to keep the pressure on in its privatisation programme. 2015 has some some impressive successes, including the sale of a stake in CDP Reti to State Grid Corporation of China and the €3.4bn IPO of a minority stake in Poste Italiana, and there is plenty in the pipeline. Phil Moore reports.

  • Italian retail: a deep market but in need of excitement

    Italy’s army of retail investors represent a big opportunity for asset managers and bond issuers alike, with high yield companies likely to receive the warmest reception of all. Phil Moore reports

  • Getting the message across: Tesoro pushes Italy’s strengths

    Italy scored a string of remarkable successes in the bond market in 2015, issuing some of the largest long-dated syndicated deals of recent times and seeing its spreads tighten. And with structured reforms, political stability and a growing economy, the country looks set for an equally impressive 2016. Phil Moore reports

  • Selling the story: Tesoro well placed to ride recovery wave

    The Italian Treasury enjoyed an enviable 2015, as for once the country’s political scene was a beacon of stability, at least compared to certain other European countries. That stability is one of the reasons cited for BTPs outperforming Spanish government debt in 2015 — while Spanish bonds suffered turbulence during a year of regional and general elections, Italy’s government looks like being the first in many years to survive a full term in office. With an executive that has been able to drive economic, legal and political reforms through a parliamentary system notorious for inducing stalemates, investors are hopeful that strong economic indicators could evolve into real growth in 2016. Italy is not immune to the forces that have disrupted markets and macroeconomic outlooks across Europe and beyond — from dwindling liquidity in secondary markets to banks leaving primary dealerships, and struggling emerging markets dampening demand for the country’s exports. But the country also has advantages that many of its European peers lack — not least the unflinching demand for government debt from its vast retail investor base that has allowed it to print some of the largest bonds ever seen in the government debt markets. GlobalCapital gathered together investors, bankers and representatives of Italy’s finance ministry to discuss the outlook for the country’s debt in the international bond markets.

  • Italian municipalities offer slim pickings for hungry investors

    Balanced budget laws and government-backed refinancings are keeping Italy’s sub-sovereigns out of the bond markets, writes Phil Moore.

  • Senior debt up for re-evaluation as BRRD concerns take hold

    Senior debt up for re-evaluation as BRRD concerns take hold

    The Italian banking sector is adjusting to life in the new European regulatory landscape but the key senior unsecured and tier two markets are proving difficult for some. Virginia Furness reports.

  • Italy’s banks see the light at the end of the tunnel

    Italy’s banks see the light at the end of the tunnel

    Italian banks have come through a challenging year as pressures — from regulators, markets and the economy — waxed and waned. Issuers and investors have had to navigate the looming introduction of the Bank Recovery and Resolution Directive, Total Loss Absorbing Capacity and Minimum Requirement for own funds and Eligible Liabilities, which have changed the dynamics between senior unsecured paper, covered bonds and capital issuance. The Italian market also felt one of the strongest impacts in the eurozone from the European Central Bank’s quantitative easing programme, which provided cheap liquidity and tightened issuance spreads, but in some cases appeared to drive investors away and into higher-yielding asset classes. Meanwhile, an economy clawing its way back to health continued to impose a heavy burden of non-performing loans, and legislative reforms left smaller players in the sector looking for merger partners. In this roundtable, held in early December, leading funding officials and bankers gathered to discuss these issues and more.

  • Italian IG gears up for big 2016 after disappointing year

    Italian corporate DCM bankers are looking forward to a busy 2016. Last year may not have been as active as hoped, but an upcoming raft of redemptions and falling competition from the loan market mean volumes are only likely to go up, writes Nathan Collins

  • Italian companies enjoy deep and liquid capital markets

    Italy’s economic recovery has not yet encouraged an increase in corporate bond issuance, with Italian companies still focusing more on deleveraging than on raising new finance to support capital expenditure or M&A activity. The result is a striking imbalance between supply and demand in the Italian corporate bond market which has led to new issues from frequent as well as less established borrowers being heavily oversubscribed. In this GlobalCapital roundtable, which was held in December, issuers and intermediaries gathered to discuss the outlook for the supply-demand dynamic in the Italian corporate bond and loan universe.

  • Loans and private placements: it’s all in the balance

    The Italian loan market, benefiting from an injection of central bank cash, is providing the country’s corporates with increasingly competitive terms and pricing. It’s rise, however, has left private placements in the shade, writes Elly Whitaker.

  • Italy’s high yield market: back to business after a tricky 2015

    Italy’s high yield market: back to business after a tricky 2015

    The last time a newly rated Italian issuer tried to issue a corporate high yield bond was in May — but take a step back and the wider picture points at a resilient, vibrant market with an investor base up for the challenge. Victor Jimenez reports.

Publisher: Oliver Hawkins

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Commercial director of events: Daniel Elton

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Publisher, special projects: Ashley Hofmann

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