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The article discusses the implementation of tax rules for bonds that are issued by non-listed corporations in Italy as of April 2013, focusing on investments from non-resident investors under Italian Law 239 and withholding tax exemptions. Nations that have a Double Tax Treaty with Italy, which are known as white-list countries, are mentioned. The tax benefits associated with Article 32-issued bonds (mini bonds) are also examined.

The article looks at trends in the asset management industry in Italy in 2018. It highlights the impact of mergers of asset management firms on the industry. The shifting supply and demand in the industry are discussed, as well as the effect of falling interest rates on bank fees. In addition, the article analyzes the implications of a decline in the share of banks' bonds.

The article reports that some of the Eu500 million five year paper issued by Telecom Italia had to be bought back because they were restricted in Italy. The paper was available in Eu50,000 plus Eu1,000 denominations and this meant that it was not allowed to be sold into Italy, the borrower's domestic market. Italy introduced strict rules covering the distribution of corporate bonds in the country after the Parmalat collapse.

The article focuses on a three-year bond issued by Italian banking company UniCredit SpA on December 9, 2013. Topics discussed include the number of accounts that participated in the bookbuilding process, UniCredit's other bonds, and the bond's trading performance in the secondary market. Bookrunners for the deal include BNP Paribas, DZ Bank, Credit Suisse, and UniCredit itself.

The article reports on Italian banking and financial services firm UniCredit's launch of a senior unsecured bond in December 2013 and the performance of Italian banks in the funding markets during the fourth quarter of 2013. Topics discussed include details of UniCredit's three-year, euro-denominated bond, the company's payment of a higher spread than some northern European firms, and the banks mandated to lead the deal. The number of orders received for the deal is also mentioned.

The article reports on the launch by Italian banks of senior notes in the last week of October 2013 to take advantage of a sharp tightening in their paper after the country's government was almost toppled last month. Topics covered include the uncertainty of bankers on whether tight spreads on offer will lure Spanish banks, the state of the covered bond market and the 1 billion euros 10 year trade launched by Italian bank Intesa Sanpaolo during the week.

The article offers information on a five-year bond issued by the Italian bank Banca Popolare di Vicenza on October 17, 2013. According to the deal's bookrunners, there is high demand for issuers such as Banca Popolare from the secondary market. The scarcity of bonds that go longer than two or three years in Italy is mentioned. The demand for spread among investors is also cited as one of the reasons why the deal works well.

The article reports on Italian bank Banca Popolare di Vicenza's successful launch of a five-year senior unsecured note in October 2013. Topics discussed include the demand for more yield among institutional investors, an earlier transaction by Italian Veneto Banca, and the Popolare deal's allocation of a third of the bonds outside Italy. Also mentioned are indications that the U.S. debt ceiling crisis was starting to affect financial institutional group (FIG) issuers.

The article offers a view of the state of Italian investment banking industry. Evidence of the growing demand for debt capital markets financing by corporates, including the case of Telecom Italia, and outlook on the levels of yield driven by the law on corporate bonds are presented. The business activities and strategies of investment banks in the Italian market including Bank of America Merrill Lynch, UniCredit and Banca Intesa are highlighted.

The article reports on the launch of two Italian corporate bonds in July 2013. Italian oil and gas firm Eni has launched a bond that was rated A3/A. Meanwhile, Italian power generator and distributor A2A launched a €500 million eight year bond at price thoughts of 290 to 300 basis points over mid-swaps.

The article reports on the return of Italian companies in the European high yield market with the sale of bond transactions by Rottapharm and Guala Closures. A high yield syndicate banker working on one of the transactions, says Italy seems to be the flavour of the moment. Other bankers believed that several Italian companies were planning to access the European high yield market, including debut borrowers.

The article discusses the reemergence of Italy's retail corporate bond market as several blue chip companies are considering issuing deals. Electricity generator Enel has reportedly issued two bonds of three billion euros, dwarfing almost all retail deals and institutional corporate bonds in Europe. It recalls that Italy's recent retail market has had only two issuers, Enel and oil and gas producer Eni said due to the 2003 default of food producers Parmalat and Cirio.

The article reports on the completion of separate bond buybacks by Telecom Italia and Nederlandse Gasunie in 2012. The telecommunication company recovered 777 million euros of bonds while Gasunie repuchased 284.3 million euros of bonds. The Dutch gas transmission company issued a 500 million euros bond to finance its buyback.

The article reports on the issuance of a bond by the Italian gas transmission company Snam in July 2012. Snam plans to refinance about six billion euros in the bond market. The company conducted a roadshow and discussions with investors about the bond. The offer raised one billion euros from investors. Banca Imi, BNP Paribas, JP Morgan and UniCredit served as the deal's lead managers.

The article reports on the launch of a buyback by Telecom Italia for its bonds in 2012. The company made the move as bank deposit rates drop towards zero. According to Andrea Balzarini, head of finance at Telecom Italia in Milan, the company is experiencing a shortage of valid investment opportunities. The impact of the European Central Bank's decision to cut its deposit rate to zero is noted.

The article reports on the informal discussions initiated by banks with Italian government officials about changing the tax treatment of Italian corporate bond to make it easier for unlisted companies to issue bonds. The advantages enjoyed by listed companies in issuing bonds to financial institutions to companies in other European countries are not enjoyed by unlisted companies. The quantity of bonds an unlisted company can issue relative to its equity has specific limitations.

The article reports on the completion of corporate bond deals by Italian electricity firm Enel and Telefónica of Spain in October 2011. A 1.25-billion-euro short four year and one-billion-euro seven year deal has been issued by Enel on October 17. The issue premium offered by Telefónica ranges from 20 to 30 basis points (bp) after 10bp of tightening. Northern European issuers opted not to enter the market despite bullish mood among investors.

The article focuses on the plan of Italian government bond trading platform MTS to launch its new system for corporate bond trading in late October 2011. It notes that MTS Credit will provide an all-to-all, order-driven market similar to those developed by NYSE Euronext and Trading Screen. The key difference between MTS Credit and its NYSE Euronext and TradingScreen counterparts is its membership policy for investors. Also included are information on MTS Credit's user charge.

The article discusses the corporate bond issue of Italian power company Enel SpA that was launched on July 5, 2011 by bookrunners that included Banca Imi, BNP Paribas and Deutsche Bank. The bond's execution with a fair premium is described. Almost sixty percent of the deal was sold to insurance companies and asset managers. The slight widening of the bonds due to rating agency Moody's downgrading of Portugal's sovereign debt is also discussed.

This article reports on the relaunch of covered bonds secured by residential mortgage backed securities by Intesa Sanpaolo of Italy in October 2010. Banca IMI, Barclays Capital, Crédit Agricole, Deutsche Bank and UBS provided the price of the bond. A syndicate official noted the advantage of the issue to Italian government bonds.

This article reports on the launch of an Italian covered bond benchmark by UniCredit in 2010. BNP Paribas, Danske Bank, HSBC, ING Bank, Royal Bank of Scotland and UniCredit served as managers of the deal. Philipp Waldstein, head of strategic funding at UniCredit, had retreated from having a longer dated issue because of difficult market conditions. UniCredit had meetings with investors about the deal.

The article reports on the launch of the euro-denominated seven-year bond issue of Banco Popolare on February 24, 2010, the first benchmark covered bond from Italy for the year.

The article discusses efforts by European companies to raise money by selling bonds to retail investors. Italian firm Eni and French utility EDF have successfully participated in the retail market, and Enel of Italy plans to target both institutional and retail investors with a forthcoming ten-billion-euro issue.

The article reports on the €500 million corporate bond issued by Italian electric power distribution company Terna SpA in November 2007. It was the only euro deal of the week and the second ever inflation-linked bond issued in this currency after Veolia's €600 million in 2005. The Italian issuer mandated eight bookrunners, including Banca IMI, BNP Paribas, Citigroup, Dexia, Lehman Brothers, Mediobanca, UBS and Unicredit.