The oil price dilemma or the hypocrisy of cheap oil fear

The price of crude oil is stabilizing around the USD 30.00 pushing all the analysis in one direction: who are going to be the losers and who are going to be the winners? Obviously, as of now, and ever since the lifting of international embargo on Iran on January 16th, everybody is keeping a close [...]

Utilities and the Risk of a Central Bank Power Outage

The macroeconomic backdrop looks more challenging for Europe’s regulated utility stocks. The fortunes of Terna and Snam, the Italian power-grid operator and gas infrastructure company, are closely linked to eurozone bond markets. Shares in both rose this week after Italy’s regulator signaled it would not tie the utilities’ permitted returns too closely to bond yields [...]

By |November 10th, 2015|Categories: News|Tags: , , , , , |

Italy sells six-month debt at negative yields for first time ever

Italy sold six-month bills at an average negative yield for the first time on Wednesday as the prospect of further monetary easing in the euro zone pushed investors to pay to hold Italian debt. Italy sold 6 billion euros ($6.6 billion) in bills due in April 2016 at a yield of minus 0.055 percent, down [...]

By |November 3rd, 2015|Categories: News|Tags: , , |

Matteo Renzi vs the European Commission: ready to rumble?

Matteo Renzi, the Italian Prime Minister, does present today the new national budget for 2016. He will be followed by many of his European colleagues, but the fact that Italy bears the second most important public debt/GDP ratio in the Eurozone (after Greece, obviously) is kind of a catch for many European and non-European observers. [...]

By |October 16th, 2015|Categories: Analyst's Insight|Tags: , , , , |

Italy to keep deficit, debt goals despite pension ruling – minister

Italy will not raise its current targets for the budget deficit or public debt despite a recent court ruling that declared invalid a pension reform which saved billions of euros, Economy Minister Pier Carlo Padoan said on Monday.

Source:  Reuters, 2015/05/11

By |May 12th, 2015|Categories: News|Tags: , , |

Integrating ESG into Sovereign Bond Portfolios

Summary: - Market-value-weighted portfolios give more weight to riskier issuers, e.g., those that issue more debt. - Environmental, social, and governance (ESG) weighting is an alternative way to construct a portfolio that looks at the sustainability of a country with a view focused on the long term. - ESG weighting [...]

By |May 4th, 2015|Categories: News|Tags: , , , , , , , , |

Italy starts talks on privatisation of state railway

Italian officials on Monday held a preliminary meeting to discuss the partial privatisation of state rail operator Ferrovie dello Stato (FS), the Economy Ministry said. A statement said the working group, which included representatives of the ministry, the railway, and legal and financial advisors, discussed regulatory issues and other topics. Italy is expected to conclude [...]

By |April 21st, 2015|Categories: News|Tags: , , , , |