Italy has successfully issued a dual-tranche bond syndication, raising a total of 15 billion euros ($16.43 billion). This includes the launch of a new 10 billion euro bond, maturing in February 2031, and a 5 billion euro tap of the 4.50% October 2053 bond. The announcement was made by one of the lead manager banks involved in the transaction.
The books for the new seven-year bond surpassed 73 billion euros, with a demand of 3.7 billion euros from joint lead managers. The spread on the bond was set at 6 basis points above the yield of the November 2030 bond.
For the tap of the October 2053 bond, the books reached over 91 billion euros, including a demand of 4.8 billion euros from joint lead managers. The spread was set at 21 basis points above the yield of the September 2052 bond. The issue size of the tap had been determined prior to the transaction.
The lead managers for this successful bond issuance were Banca Monte dei Paschi di Siena, Credit Agricole Corp. Investment Bank, Deutsche Bank, Goldman Sachs Bank Europe, and J.P. Morgan.