Bloomberg News

Italy Local Banks Issue More Than EU2.8 Bln State-Backed Bonds

February 27, 2012

More than 60 Italian local and cooperative banks issued more than 2.8 billion euros ($3.8 billion) in state-backed bonds, the Italian exchange said in three filings published last week.

Italy approved a measure in December that allows the Treasury to back bonds issued by banks in order to obtain loans from the European Central Bank. Financial institutions will ask the ECB for 470 billion euros in three-year funds for allotment on Feb. 29, the median of 28 estimates in a Bloomberg News survey shows.

To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net

To contact the editor responsible for this story: Dan Liefgreen at dliefgreen@bloomberg.net


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