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☆ Italy's deficit hikes could threaten its credit rating - Scope
▼ + stars: | 2023-10-06 | by ( Sara Rossi | ) www.reuters.com time to read: +3 min

The eligibility of Italian securities under the ECB's TPI "is a key driver of its BBB+/Stable credit rating," Scope said. It will review its rating of Italy's debt on Dec. 1. More specifically, countries must respect the EU's economic prescriptions, have a sustainable public debt, and not show any macroeconomic imbalances. RATING AGENCIES' TESTBefore Scope assesses Italy's rating in December, the country faces scrutiny from several larger agencies. From mid-October to mid-November, S&P Global, DBRS, Fitch and Moody's all have the euro zone's third largest economy up for review in what analysts say will be key tests for the stability of Italian bond yields.

Persons: Giorgia, Christine Lagarde, DBRS, Fitch, Sara Rossi, Gavin Jones, Andrew Heavens Organizations: MILAN, Central, Reuters, ECB, P, Italian Treasury, European Union, TPI, European, Thomson Locations: Italy, Italian, Rome

☆ Italy pins hopes on new retail bond issue, following deficit hike
▼ + stars: | 2023-10-02 | by ( Sara Rossi | ) www.reuters.com time to read: +2 min

MILAN, Oct 2 (Reuters) - Italy will launch its second BTP Valore bond reserved for retail investors on Monday as it seeks to boost domestic holdings of its debt. The Treasury attracted more than 18 billion euros in June for its debut "BTP Valore" issue, setting a fresh record for Italian retail bonds. According to several market sources, the new 5-year note -offering a 0.5% loyalty bonus - will attract orders worth around 10 billion euros ($10.56 billion). On Friday, the Italian 5-yr BTP bond yield stood at around 4.2% . Last month, Belgium raised a record 21.9 billion euros with a similar issue designed to compete with bank deposits.

Persons: J.P, Morgan, Antonio Cesarano, Giorgia Meloni, Sara Rossi, Gavin Jones Organizations: MILAN, Treasury, Global, Thomson Locations: Italy, Rome, Belgium

In its issuance programme for the fourth quarter released late on Friday the Treasury raised its estimate for gross debt issuance this year to 333 billion euros ($351.95 billion). That compared with its forecast of 310-320 billion euros made at the start of the year. Germany reduced its needs in the fourth quarter by 31 billion euros ($32.59 billion). The Treasury has so far covered around 80% of its 2023 gross funding needs, it estimated on Friday. For the fourth quarter, the Treasury estimated gross issuance of medium and long-term bonds at around 60 billion euros, with issuance net of redemptions seen at a negative 12 billion euros over the same period.

Persons: JP Morgan, Analysts, Italy –, Giorgia Meloni, Giuseppe Fonte, Gavin Jones Organizations: European Union, Treasury, European Commission, Thomson Locations: Italy, Rome, MILAN, ROME, Germany, Portugal, France, London

The Treasury will issue new economic targets on Wednesday providing the framework for a budget in which Meloni will attempt to keep her tax-cutting promises while also lowering the fiscal deficit. "This budget is Meloni's first real economic test since she came to power last October," said Tim Jones, euro zone analyst for market consultancy firm Medley Advisors. Meloni has much less room for manoeuvre than when she hiked deficit targets in her first budget a year ago. Episodes targeting airlines and investors in Italy's 307- billion-euro ($326.74 billion) bad loan market have followed a similar pattern. Meloni subsequently said no measures were planned regarding non-performing loans, but her party's proposal is still before parliament and uncertainty persists.

Persons: Giorgia Meloni, Meloni, Tim Jones, she's, Morgan Stanley, Reuters.G Rome, Roberto Perotti, Meloni's, Valentina Za, Francesco Canepa, Giuseppe Fonte, Sara Rossi, Gianluca Semeraro, Ed Osmond, Giselda Organizations: Treasury, Advisors, European Central Bank, Reuters, Ryanair, Milan's, Bank of, ECB, Thomson Locations: ROME, Italy, Greece, Rome, Italian, Italy's, Brussels, EU, Milan

☆ Italian banks see deposits plunge, credit to firms at 8-year low
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

MILAN, July 11 (Reuters) - Italian savers shifted 20 billion euros ($22.02 billion) out of deposits with domestic banks in May, while lenders continued to shrink credit to businesses and stepped up bond sales, Bank of Italy data showed on Tuesday. Italian lenders increased their bond issuance by 13.2% in May from a year earlier after a 9.4% rise in April while residents' deposits with domestic banks fell 4.3% after a 3.4% decline in April. On a monthly basis, deposits in euros fell by 20 billion euros to 2,614.3 billion euros in May from April, touching the lowest level in nearly two-and-a-half years. Domestic lenders' credit to businesses fell 3.2% year-on-year in May, the lowest level since February 2015, from a 2.3% drop in April. The central bank data also showed gross unpaid loans were broadly flat at 30.24 billion euros in May, from 30.12 billion euros a month earlier.

Persons: Sara Rossi, Gavin Jones Organizations: MILAN, Italian savers, Bank of Italy, European Central, Thomson Locations: Italian

☆ Analysis: Greek bonds snapping at heels of southern Europe's best in class
▼ + stars: | 2023-06-23 | by ( Stefano Rebaudo | ) www.reuters.com time to read: +5 min

The country has received three international bailouts from the euro zone and the IMF worth 280 billion euros ($308 billion) since 2010. "The Greek (bond) market is not so liquid and tends to be more volatile, but we have a lot of good news. The Greek economy is still heavily exposed to volatile sectors like tourism or shipping, but it is less sensitive to manufacturing headwinds. The premium, or spread, of Greek government bond yields over those of Spain recently fell to its lowest since 2008 at around 27 basis points . Across southern Europe, only Portugal and Spain trade at a smaller premium to Germany - the euro zone benchmark - than Greece.

Persons: Athanasios, Kyriakos Mitsotakis, Goldman Sachs, Filippo Taddei, Piet Haines Christiansen, Giorgia Meloni, Mario Draghi's, Christoph Rieger, Stefano Rebaudo, Sara Rossi, Amanda Cooper, Hugh Lawson Organizations: Bank of America, Democracy, Analysts, European Recovery Fund, Danske Bank, Italy's, ECB, Italian Treasury, Reuters, Thomson Locations: Greece, Spain, Europe, Portugal, Germany, European, Italy, Italian

☆ Italy's La Scala to open new season with Verdi classic
▼ + stars: | 2023-05-29 | by ( Sara Rossi | ) www.reuters.com time to read: +2 min

[1/2] People watch a live broadcast of Modest Musorgskij's opera "Boris Godunov" on a giant screen at the Vittorio Emanuele II Gallery during La Scala Opera House's gala season opener in Milan, Italy, December 7, 2022. The opening night of the La Scala season has become a highlight of the calendar for the country's business and political elite, coinciding with the city's Feast of St. Ambrose holiday. Verdi's works have been performed at La Scala since 1839 and the choice of a historical work by a local favourite is likely to prove less contentious on Dec. 7. La Scala last year mitigated the impact by cutting consumption of gas and electricity by 22% and around 15% respectively, its artistic director Dominque Meyer said on Monday. In its new season, La Scala will host 14 operas, seven ballets, as well as concerts featuring Italian conductor Riccardo Muti, Briton Daniel Harding and Russian-born Kirill Petrenko.

Foreign holdings of Italian government paper increased in February after 10 consecutive monthly declines, according to Bank of Italy data. "This is a magic moment for Italian bonds," he told Reuters. The share of Italian government debt held by foreign investors fell to below 20% at the end of 2022 from around 50% before the 2008 financial crisis, Bank of Italy data shows. The Italian Treasury has already taken steps to shore up demand for its bonds as the ECB retreats, by boosting purchases among domestic households and companies. Together, Italian families and firms now hold around 215 billion euros, or 9%, of Rome's debt, UniCredit's Cazzulani said, the highest level since mid-2015.

☆ Italy's La Scala goes live with opera and concert streaming service
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 17 (Reuters) - Italy's La Scala has launched a streaming service allowing viewers to watch its operas, concerts and ballets online, in an effort to widen its audience worldwide. The first concert will be broadcast live on "La Scala TV" on Saturday with three Mozart symphonies conducted by Daniel Barenboim, the renowned Milan-based opera house said in a statement. With a ticket price range between 2.9 euros and 11.9 euros ($3.1-$12.7), subscribers this year can choose between seven live opera performances, nine concerts and three ballets. The online service debuted on Tuesday with Italian composer Giuseppe Verdi opera' "The Sicilian Vespers", conducted by director Fabio Lusi. "The project is part of a broader effort to modernize the theatre ahead of the 2026 Olympics" that will take place in the Milan area, La Scala said.

☆ Anti-war protesters in Italy denounce La Scala for staging Russian opera
▼ + stars: | 2022-12-07 | by ( Sara Rossi | ) www.reuters.com time to read: +2 min

[1/5] Demonstrators holding Ukrainian flags and signs protest outside of La Scala opera house, ahead of its 2022-23 season opening night performance of "Boris Godunov," a Russian-composed opera performed by Russian artists, in Milan, Italy, December 7, 2022. REUTERS/Flavio Lo ScalzoMILAN, Dec 7 (Reuters) - Anti-war protesters demonstrated outside Milan's La Scala theatre on Wednesday before it opened its 2022-2023 opera season with a gala performance of the Russian work "Boris Godunov". Around 20 people waved the Ukrainian flag and held up placards denouncing Russian President Vladimir Putin for the invasion of Ukraine in February. She questioned why La Scala had not changed its programme over the nine months since the war began. La Scala artistic director Dominique Meyer last month defended its decision to stage the work, written by Russian composer Modest Mussorgsky in the 19th century, after protests from Ukrainian exile groups.

☆ Protests held as Italy's La Scala opens season with Russian opera
▼ + stars: | 2022-12-07 | by ( Sara Rossi | ) www.reuters.com time to read: +3 min

[1/5] Demonstrators holding Ukrainian flags and signs protest outside of La Scala opera house, ahead of its 2022-23 season opening night performance of "Boris Godunov," a Russian-composed opera performed by Russian artists, in Milan, Italy, December 7, 2022. REUTERS/Flavio Lo ScalzoMILAN, Dec 7 (Reuters) - Milan's La Scala theatre opened its 2022-2023 opera season on Wednesday with a gala performance of the Russian work "Boris Godunov" as protesters against the Ukrainian war demonstrated outside the venue. "We have nothing against the Russian people, against Russian history, against Russian culture," Meloni told reporters before the performance. She questioned why La Scala had not changed its programme over the nine months since the war began. Russian bass Ildar Abdrazakov took the lead role as Godunov while Russian soprano Anna Denisova was Kseniya, his daughter.

☆ Climate protesters hurl paint at Milan's La Scala opera house
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

MILAN, Dec 7 (Reuters) - Climate-change activists in Italy on Wednesday threw paint at the entrance of Milan's famed La Scala opera house ahead of the opening performance of the season, local police said. Activists have staged high profile protests across Europe in recent months, sometimes targeting museums and art works in calling for tougher action to tackle global warming. Police said they had detained five people following the incident at La Scala, while cleaners swiftly removed the paint from the entrance of the theatre. La Scala will open its 2022-23 season on Wednesday, one of the highlights of the Italian cultural calendar, with a performance of the Russian opera "Boris Godunov" composed by Modest Mussorgsky. Reporting by Sara Rossi and Fabiano Franchitti; Writing by Gianluca Semeraro; Editing by Gavin Jones and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's La Scala defends its choice of Russian opera for season opening
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 22 (Reuters) - Milan's famous La Scala opera house has defended its decision to open its new season next month with "Boris Godunov" despite criticism from Ukrainians about staging a Russian work. La Scala artistic director, Dominque Meyer, told a news conference. "We do not do propaganda in favour of (Russian President Vladimir) Putin and there is nothing against Ukraine," he added. The opening of a new season at La Scala is one of the highlights of Italy's cultural calendar. Immediately after the invasion of Ukraine in February, the Milan-based theatre said Russian conductor Valery Gergiev would not perform at La Scala after he failed to condemn the war.

☆ Growth of Italian bank lending to firms slows down in September
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

MILAN, Nov 10 (Reuters) - The growth of Italian bank lending to businesses slowed down in September, data from the Bank of Italy showed on Thursday. A monthly report on the balance sheets of domestic banks showed loans to non-financial companies grew by 4.4% year-on-year in September compared with a 4.8% rise in August. The data also showed Italian residents' deposits with domestic banks were down to 2.77 trillion euros ($2.77 trillion) from 2.80 trillion euros in the previous month. Gross unpaid loans ticked down to 34.86 billion euros at the end of September from 35.25 billion euros a month earlier. ($1 = 1.0015 euros)Reporting by Sara Rossi, editing byOur Standards: The Thomson Reuters Trust Principles.

☆ Ukrainians protest staging of Russian opera at Italy's La Scala
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 10 (Reuters) - A Ukrainian diplomat has written to the head of Milan's La Scala opera house and to local political leaders to protest over plans to stage the Russian opera "Boris Godunov" next month. The event is one of the highlights of Italy's cultural calendar. Several associations representing Ukrainians living in Italy have also protested against the choice of Mussorgsky's classic work at this time. They have called for a different opera to be staged and for no Russian works to be put on until the war is over. There was no immediate comment from La Scala on Thursday.

By late on Wednesday six banks, including global coordinators Bank of America (BAC.N), Citigroup (C.N), Credit Suisse (CSGN.S) and Mediobanca (MDBI.MI), had signed the guarantee contract, the sources said. Five years after an 8.2 billion euro ($8 billion) bailout that handed the state its 64% stake, MPS plans to raise the extra cash to lay off staff and bolster capital. The eight banks due to underwrite the MPS issue are willing to backstop only a third of the 900 million euro private portion of the capital raising, one of the sources said. MPS CEO Luigi Lovaglio had until recently not produced the written commitments, triggering a race in the last few days to get all the necessary documents signed. The Tuscan bank has so far secured support from its insurance partner AXA (AXAF.PA), local banking foundations and asset manager Anima Holding (ANIM.MI).

Five years after an 8.2 billion euro ($8 billion) bailout that handed the state its 64% stake, MPS plans to raise the extra cash to lay off staff and bolster capital. They have demanded written commitments from investors for an amount roughly equivalent to half the overall figure, accepting pledges which are not in writing for the rest to get to two thirds of the total, the source added. MPS CEO Luigi Lovaglio had until recently not produced the written commitments, triggering a race in the last few days to get all the necessary documents signed. MPS and the banks expect to be able to get to a deal on the underwriting contract later on Wednesday, although sources had previously not ruled out preparations taking until Thursday. A January 2030 bond yielded 41.42% after spiking to 45.44% from 39.95% at closing on Tuesday.

☆ Italy's right-wing bloc wins election: five questions for markets
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Guglielmo MangiapaneMILAN/LONDON, Sept 26 (Reuters) - Italy's right-wing bloc should have a solid majority in both houses of parliament following Sunday's election, potentially giving the country a rare chance of political stability after years of upheaval and fragile coalitions. The absence of the anti-euro rhetoric seen in the 2018 election had reassured investors in the run-up to the vote. With markets watching closely, we take a look at five key questions on the radar. Reuters Graphics2/ Could Italy's EU funding plan be modified? The Brothers of Italy sees room to amend Italy's EU-backed recovery fund programme to account for the energy shock.

☆ Italy's right-wing bloc set for election win: five questions for markets
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +5 min

Giorgia Meloni, leader of the nationalist Brothers of Italy, is seen as frontrunner to become Italy's first female prime minister. read moreThe absence of anti-euro rhetoric seen in the 2018 election has reassured investors, for now. At around 225 basis points, the closely watched gap between 10-year Italian and German bond yields has been relatively stable . That would cause some angst since the constitution protects issues related to Italy's EU membership. read moreReuters Graphics2/ Could Italy's EU funding plan be modified?

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