October 9, 2019 / 3:26 PM / 7 days ago

Italy launches three-part U.S. dollar bond for $7 bln

LONDON, Oct 9 (Reuters) - Italy has launched a three-tranche bond for an overall amount of $7 billion, one of the banks managing the deal said, returning to the U.S. market for the first time since 2010.

The issue drew more than $18.2 billion in demand, the lead manager said, in a sign of renewed investor confidence in the heavily indebted sovereign issuer following months of market turmoil under Rome’s previous anti-European government.

A five-year tranche, which will total $2.5 billion, drew nearly $7 billion in demand. A 10-year tranche will have a $2 billion size following orders equivalent to more than three times that amount.

The final size of the 30-year tranche will be $2.5 billion with orders totalling more than 5.2 billion, the lead manager said.

Barclays, HSBC and JPMorgan are managing the issue. (Reporting by Yoruk Bahceli, writing by Valentina Za)

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