Italian borrowers eye early refinancing

摘要

Investment-grade Italian borrowers are starting to return to the loan market for opportunistic early refinancings, after seeing a substantial tightening of pricing on deals for Spanish companies as banks continue to compete to book higher-yielding loans in Europe's periphery economies. Recent deals for Spanish companies such as utility iberdrola, telecoms giant Telefonica and transport infrastructure firm ferrovial have seen margins for Spanish companies come in at below 10Obp for the first time since the sovereign debt crisis.