The rise in the spread is felt on the financing strategies of Italian companies. With the increase in the Btp-Bund differential (yesterday it closed at 250 basis points, compared to 120 at the beginning of May), yields on the bond market in our country have risen and it is no longer convenient for companies to raise capital by issuing new bonds. Because when investors drive up the price of country risk, they target not only government bonds, but bank and corporate bonds as well.
This is demonstrated by Atlantia's about-face, which last May 21 had launched a roadshow in Europe to meet investors with the aim of evaluating the issue of a 2 billion bond loan, but then shelved the project. And the reason is precisely that the rates are no longer convenient: it is better to ask for a five-year bank loan. In any case, the company could reconsider the issue if the period of volatility on the bond market were to end.
