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On Friday, Fitch affirmed Italy’s long-term rating at BBB. This decision was anticipated, he signs the lowest rating level among the major rating agencies.
MARKET COMMENTARY – RECENT NEWS FLOW FOR ITALY A MIXED BAG
Recent news flow from Italy was mixed. While Fitch affirmed Italy’s rating at BBB- (after the surprise downgrade at the end of April) on Friday demand for the so-called BTP Futura traile market expectations.
Orders for the first government bond exclusively dedicated to retail investors and with a premium linked to Italy’s nominal growth came in at only €6.1bn.
This is well below the successful issuance of the recent BTP Italia in May. At that time, a total volume of €22.3bn was placed of which €14bn was allotted to retail investors.
Although liquidity problems are very unlikely anytime soon it can intensify the discussion about Italy having recourse to external financial support provided by the ESM.
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MARKET COMMENTARY – RECENT NEWS FLOW FOR ITALY A MIXED BAG
MARKET COMMENTARY – RECENT NEWS FLOW FOR ITALY A MIXED BAG
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