Italy markets three-part offering of dollar-denominated global notes due 2024, 2029, 2049

By Cristal Cody

Tupelo, Miss., Oct. 8 – Italy (Baa3/BBB/BBB) plans to price a dollar-denominated three-tranche offering of global notes in the sovereign, supranational and agency markets on Wednesday, a source said.

The deal includes five-, 10- and 30-year notes.

Initial price talk on the notes due Oct. 17, 2024 is in the mid-swaps plus 125 basis points to 130 bps area.

The tranche of notes due Oct. 17, 2029 is initially talked to price with a spread in the mid-swaps plus 165 bps to 170 bps area.

Price talk on the notes due Oct. 17, 2049 is in the mid-swaps plus 250 bps to 255 bps area.

Barclays, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the bookrunners.

Fixed income investor calls were held on Monday.

The offering is Italy’s first dollar bond deal since 2010.

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