October 10, 2019 / 12:50 PM / 8 days ago

Italy sold 5, 10-yr dlr bond mostly in EMEA, 30-yr in Asia - Trsy

ROME, Oct 10 (Reuters) - Italy’s first dollar bond issue for nine years was snapped up mainly by EMEA investors in the case of the 5- and 10-year paper, while the 30-year tranche proved attractive in Asia, the Treasury’s debt management chief said.

Davide Iacovoni told Reuters that Wednesday’s bond sale was “a success that went beyond all our expectations”.

Some 68% of both the 5-year and 10-year paper was sold to investors in EMEA (Europe, the Middle-East and Africa), Iacovoni said in an interview. U.S. investors bought around 30%, with a negligible portion being placed in Asia.

However, Asian investors bought 40% of the 30-year tranche, while 36% was placed in EMEA and 24% in the United States.

A large portion of the 30-year paper went to insurance companies and pension funds, mainly based in Asia and particularly Japan, Iacovoni said.

“They are investors of extremely high quality,” Iacovoni said. (Reporting by Giuseppe Fonte, writing by Gavin Jones, editing by Valetnina Za)

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