| In late June, international equity investors were examining two of this year’s highlights in capital markets transactions: the $1 billion IPO for Italian advertising and television group Mediaset and a similar-sized issue of bonds exchangeable into the Italian government’s holdings of shares in insurance group Istituto Nazionale delle Assicurazioni (INA). That Italy should provide two such high-profile new issues in quick succession may be a sign of even greater things to come. John Hyman, a vice president at Morgan Stanley, says: “The Italian market is at a very interesting point in its development. |
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