January 14, 2020 / 4:31 PM / a month ago

UPDATE 1-Italy hires banks for syndicated sale of new 2050 BTP bond

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MILAN, Jan 14 (Reuters) - Italy has hired banks to sell a new 30-year BTP nominal bond via syndicate, the Treasury said on Tuesday, as Rome joins other euro zone borrowers in a string of debt sales at the beginning of the year.

Spain enjoyed a record 53 billion euros of bids for its new 10-year bond on Tuesday. Ireland and Portugal also sold long-term bonds through syndicated sales last week.

The sale of the new BTP bond - maturing on Sept. 1, 2050 - will be held in the near future, depending on market conditions, the Treasury said.

Filippo Mormando, an analyst at MPS Capital Services, said he expected the sale would take place on Wednesday.

“That’s to fully exploit the favourable start-of-year market window for fixed income issuance,” he said.

Italy held its most recent 30-year syndicated bond sale in February last year.

Barclays, BNP Paribas, Citigroup, Credit Agricole and Monte dei Paschi di Siena have been appointed as joint-lead managers for the deal.

Reporting by Elvira Pollina, editing by Valentina Za and Timothy Heritage

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