AT THE END of last year, Lehman Brothers held a client conference on derivatives in Milan. More than half of Italy’s regional authorities sent a senior official to find out more. That’s an impressive turn-out from a group of issuers that are still in the relatively early stages of their relationship with the capital markets, let alone doing anything more sophisticated.
Among those attending was Gianpierro Antonelli, CFO of the region of Umbria, which last year was the largest of the Italian regional issuers.
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