Italy drops over €50bn of 'fast money' to print tight heralding Draghi era

By Burhan Khadbai
18 Feb 2021

There were flashbacks to last month’s Spanish syndication in the bond market this week as Italy made an emphatic start to the Draghi era in the BTP market. The borrower shed billions of orders on Tuesday after aggressively pricing its first syndication since the appointment of the ex-ECB chief as the country’s prime minister. Burhan Khadbai reports.

Italy had been expected to sell a new syndicated transaction following an impressive rally in BTPs since Mario Draghi agreed to form a new government earlier this month to steer the country through the pandemic.

So when it announced the mandate for a dual-tranche deal on Monday, there ...

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