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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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Since 2011, bank lending has plunged in Italy, posing serious problems for the country’s small and medium-sized enterprises. Amid bold reforms to remedy the problem, Italy has created something new for Europe — a minibond market to channel institutional funds to SMEs. As Stefanie Linhardt reports, the market is still in its infancy, but investment funds are being formed and dealflow is expected to accelerate.
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Italian issuers were able to draw on the country’s enviable pool of retail investor cash when times were tough at the height of the eurozone debt crisis. But with credit spreads screaming in as the crisis abates, borrowers are getting creative to keep this sophisticated group interested, while opportunities are opening for new issuers. Craig McGlashan reports.
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The equity capital markets in Italy are expected to be busy in 2014. As banks rebuild their capital bases and the government embarks upon an ambitious privatisation scheme, market participants are optimistic about a return to form for the Italian equity sector, finds Nina Flitman.
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Read on to see how deals priced earlier in the year are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data. -
The pools of liquidity available to Spanish issuers is growing steadily, as the Community of Castile and León drew more international demand for a 10 year bond than regional neighbour Madrid achieved just two weeks ago — and the Spanish sovereign accessed new investors through a Schuldschein placement.
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Castile and León made the best possible return to the syndicated bond market after a 15 month absence on Tuesday, more than doubling its record volume and pricing at a spread tighter than where its neighbour Madrid priced a deal of similar tenor just two weeks ago.
