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Poste Italiane (POSIM; Baa3/BBB) Italian government to sell-down some of it's stake

TRANSPORTATION
  • Bloomberg quoting a local newspaper that has said Italian government could sell as much of 13% of its current 29% holding (see here).
  • It's standalone rating is actually limited by the Italian Government's holding (who's LT rating is Baa3/BBB), hence this could be a marginal credit positive but will depend on any BS changes including the large portfolio of BTP's it hold (€73b/67% of the investment portfolio).
  • €28s trade tight already, perps (Ba2/BB+) trade at €89 with a 2.625% coupon. First call date in early '29, workout to then is 5.1%/Z+240/G+270.
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