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With the new placement, the Mef tries to attract new, more “stable” investors. Starting with the pension funds.
by Maximilian Cellino
With the new placement, the Mef tries to attract new, more “stable” investors. Starting with the pension funds.
3 ‘reading
Hacienda tries to exploit the “Dragons effect»And it returns to the market with a placement of public debt dedicated to institutional investors, outside the usual calendar of public auctions. The Mef has entrusted the mandate of theissuance of a 10-year BTp and a 30-year BTp € ia. The operation, which presumably will already take place today, certainly did not take the market by surprise. The appointment of the former President of the ECB to form the Government has triggered aItalian debt buying wave, ending up further compressing their rates and their spread.
Objective: expand the audience of investors
Therefore, it is understandable that you try take advantage of the situation returning to syndicated numbers just over a month after the successful placement of the reference point 15 years in the first days of 2021. In any case, some more reasoning deserves the securities involved in the transaction, curated by Citigroup, Deutsche Bank, Goldman Sachs, Mps Capital Services and Nomura: no extra-long maturities, since rumors indicated a A few days ago, and not even the first green link in the history of the Italian Treasury, but a composite offer, capable of intercept a wider audience of investors and stable.
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The renewed lure of inflation
“By combining the classic 10-year bond with a 30-year bond indexed to European inflation, we are trying to combine quantity and quality», An analyst from a major Italian bank explained to Il Sole 24 Ore, recalling that if the traditional 10 years (already placed last year through a union) is intended for a universal audience, the BTp € i seems rather well designed to satisfy “finest palates”. Outside of the metaphor, this last title seems to be fulfilling
everybody requests from institutional investors that right now you have the need to ensure long-term performance and linked to future price trends, Pension funds in primis. Even more so in a period in which the inflation theme It seems to have reappeared on operators’ radar, at least globally, due to the possible effects induced by the ultra-expansive fiscal and monetary measures implemented to combat the pandemic.
Meanwhile, in the secondary, the yields of the 10-year BTP rose to 0.54%, but they did so after the general inertia of sovereign bonds and the spread against the German Bund remained essentially unchanged at 92 basis pointsIn other words, not far from the lows reached after the European debt crisis. In the market indeed there are also those who go against the current: “We are convinced that Draghi is the right man, in the right place and time for Italy, but much of the good news that was welcomed upon his arrival
