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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
Taxonomy alignment grows, making EuGB label possible
Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
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Cassa Depositi e Prestiti might be 150 years old but it is playing an increasingly important role in re-energising Italian industry and supporting local authorities and regions. Philip Moore investigates. -
Considering Italy’s key role in the founding of the European Union, describing the country as a ‘peripheral’ European economy is one of the most inappropriate pieces of financial jargon to have emerged from the recent crisis. Phil Moore reports
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With a gross funding requirement of around €393bn this year, Italy has one of the largest and most liquid government bond markets on the planet. But with vast size comes vast complexity — and responsibility. Fortunately for the Italian government and its citizens, they have one of the most skilful — and calm — public debt managers on the planet in Maria Cannata. Philip Moore reports.
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Italy’s Tesoro picked up in the first week of 2014 where it left off at the end of 2013, selling €4bn of three year BTPs at a yield of 1.51% in the first auction of the year in early January. That did not just represent the lowest cost of funding Italy had achieved since the introduction of the euro. It was also a very far cry from the make-or-break auctions in late 2011, when the Tesoro was paying yields of close to 6.5% for five year funding. The success of this year’s first auction built on the spectacular momentum that developed for Italy in the local as well as the international capital market throughout 2013. The factors driving this performance, and the sustainability of the rally in BTPs, were some of the topics discussed at the Tesoro roundtable held in Rome in early February.
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While economists argue that the case for Italian government bonds remains compelling, weak fundamentals and tail risks that refuse to go away have left some investors wary of the Italian BTP market, finds Philip Moore.
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With losses of around €6bn from €36bn of contracts, local governments in Italy have, understandably, been banned from buying derivatives products. But what of their appetite for more straightforward capital markets instruments such as bonds? Philip Moore finds out.
