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Bond issues: Campari

Campari, the famous Milanese group operating in the field of alcoholic beverages, is the first Italian firm to launch a medium-large public bond (reserved institutional investors) to deal with the reduction of bank credit . To hear the opinions of the experts, could even be the leader of a trend that will establish itself more and more on the bond market. In fact, it was the time of the crack Cirio, Parmalat and Giacomelli that Italian companies do not pay this type of instrument.

In particular, the financing transaction, Campari has succeeded in placing on the market a seven-year bonds amounting to EUR 350 million a gross interest rate of 5.475% . In fact, the initial idea was to refinance 300 million, but a very high demand (something of € 2.7 billion put on the plate by institutional investors) has led the group to increase supply, while allowing a reduction in the rate.

But the success of Campari, without detracting from the merits of the group, do not be fooled. The markets are in fact full of cash, placed a very low cost by the ECB, and institutional investors have begun to invest heavily, contributing to what could be the beginning of a new bubble .

More info on this subject: http://www.ilsole24ore.com/art/SoleOnLine4/Finanza% 20e% 20Mercati/2009/10/Campari-bond_unrated.shtml? Uuid = 3d8d453a-b403 -11de-9941-6ce20b192eff & DocRulesView = Free

Girdles And Stcokings

Banks breaks the ice: the calm seems to return

between professionals work has attracted much surprise that the funding offered yesterday by the Central Bank has generated a limited interest by the banking institutions the euro zone. Would have to have a strong liquidity in the market to avert definitively the possible lack of liquidity of companies in the old continent.

The offer of the Central Bank was also very attractive: it was a liquidity one year fixed rate and a low of 1%. Auction was attended by only 589 banks that were required of € 75.2 billion loan , a subscription is much lower than expected (there was talk of 130miliardi euro) and the auction of June, in which were placed on market of € 442 billion for 1121 beneficiary banks.

The results of the operation, therefore, have led analysts to optimistic statements: According to the experts, in fact, such a low demand for liquidity is the obvious sign of a recovery to which there is more and more rapidly moving and calm the situation they are living on the European banks face liquidity. Nevertheless, the IMF (International Monetary Fund) urges caution in the months to come.
A proof of the correctness or otherwise of analysts' forecasts will be next December, when the ECB will hold a new lending facility to one year.

More information about it here: http://rassegnastampa.mef.gov.it/mefeconomica/View.aspx?ID=2009100113828213-2