Issuing a debut ultra-long sovereign bond just weeks before a highly divisive constitutional referendum that could bring down the government would once have been considered a risky thing to do.
Not today. Italy issued its first ever 50-year bond in October, despite the fact that a populist vote in the December 4 constitutional referendum could topple prime minister Matteo Renzi’s government, in a situation eerily similar to the UK’s Brexit vote in June.
Not only did Italy issue, it attracted an €18.5
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