SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Former ECB President Mario Draghi has accepted a request to form a new Italian government as per the FT, thereby said to be the frontrunner for becoming Italy’s next prime minister. Italian president Sergio Mattarella was due to meet Draghi on Wednesday to invite him to form a government, according to reports. The FTSE MIB index jumped 2.1% and Italian 10Y BTP yields are down 7bp. The BTP-Bund spread fell 9bp yesterday morning as investor sentiment improved. “Super Mario to the rescue… I think many of us who watched every ECB presser for the last decade will think Italy has secured a top operator. If you need a technocrat, you won’t do better”, said Neil Wilson, chief market analyst at trading platform Markets.com. Bonds of Italian lenders Intesa and Banca Monte dei Paschi were higher yesterday – Intesa’s EUR 4.125% Perps were up 2.3% to 94.05 and Banca Monte EUR 10.5% 2029s were up 2.2% to 131. The bonds have pulled back slightly and currently trade at 93.58 and 130.07 respectively.

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