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Italy Global USD bond: 3/30-year dual/tranche preview

ISSUANCE
  • The MEF has announced that it will hold a syndication for a USD bond in the "near future" with bookrunners currently taking IOIs and noting that it is expected as tomorrow's business.
  • IPTs: MS+60bps area for the 3-year and MS+200bps are for the 30-year (market source).
  • Maturity: 6 May 2024 and 6 May 2051.
  • Last year Italy launched a 5-year USD bond for $3.0bln on 17 November.
  • In 2019 a triple tranche transaction was held on 9 October, with $7.0bln raised ($2.5bln 5-year, $2.0bln 10-year, $2.5bln 30-year).
  • We would expect a size of $2.5-4.0bln for the 3-year and $2.0-3.0bln for the 30-year.
  • Timing: Last year's transaction saw guidance given just after 8:30, revised guidance around 11:20, the spread set around 14:25, was launched around 17:15 and then priced around 18:40. All times are UK.
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