July 13, 2020

MARKET COMMENTARY – RECENT NEWS FLOW FOR ITALY A MIXED BAG

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In Short

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
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Highlights:

  • 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

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