March 7, 2017 / 1:57 PM / 6 months ago

Italy to print €3bn May 2028 linker at plus 11bp

LONDON, March 7 (IFR) - Republic of Italy is launching its May 2028 eurozone inflation-linked bond at €3bn size, after order books closed in excess of €6.4bn, according to a lead.

The spread has been set at 11bp over the 3.10% September 2026 BTPei, 2bp tighter than the 13bp area initial price thoughts set earlier on Tuesday.

Deutsche Bank, JP Morgan, MPS Capital Services, Societe Generale and UBS were mandated for the deal on Monday. The €6.4bn book included €725m of joint-lead manager interest and €592m of co-lead orders.

The 144A/Reg S notes will be priced today. The bond is linked to the eurozone HICP ex-tobacco inflation index.

Italy is rated Baa2 negative/BBB- stable/BBB+ negative/BBBH stable. (Reporting by Matt Painvin, editing by Robert Smith)

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