October 9, 2019 / 11:23 AM / 8 days ago

Order books reach over $20 bln on first Italian dollar bonds in nearly a decade

LONDON, Oct 9 (Reuters) - Investor order books have reached to over $20 billion on Italy’s first dollar bonds in nearly a decade, according to a document from a lead manager seen by Reuters on Wednesday.

The books increased to 20.7 billion dollars across three different bonds the country is selling, from over 10 billion dollars of indications of interest when order books were opened on Wednesday morning.

The southern European country is selling a five-year, a 10-year and 30-year bond denominated in U.S. dollars — Italy’s first dollar bond sales since September 2010, before the euro zone debt crisis.

The spread was set at 105 basis points over mid-swaps on the five-year, 150 bps over mid-swaps on the 10-year and 235 bps over mid-swaps on the 30-year. This was lower from the earlier price guidance across all three bonds.

Orders are over $9.5 billion on the five-year bond, over $6 billion on the 10-year and over $4.9 billion on the 30-year bond. Pricing is expected later on Wednesday. (Reporting by Yoruk Bahceli; Editing by Dhara Ranasinghe)

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