Italy issues 40-year private placement
LONDON, Sept 5 (IFR) - The Republic of Italy, rated Baa2/BBB/BBB+, issued a new 40-year bond via private placement, said sole bookrunner UBS on Thursday.
The bond matures on 11 September 2053 and carries a coupon of 5.05%. UBS declined to comment on the investor.
Back in May, Italy issued a EUR6bn 4.75% 30-year bond via syndication, and then weeks later issued a EUR500m 4.75% 50-year private placement via Barclays.
Italy has struggled to issue long-dated bonds in recent years, which has seen the average lifespan of its debt reduce and its pressure to refinance increase.
A steady drop in its bond yields in the year to date, however, is helping to alleviate this problem. (Reporting by John Geddie; Editing by Andrew Perrin)