The 10-year interest-rate swap spread will swell to the widest since 2009 as traders boost bets the Federal Reserve will reduce its bond purchases and the U.S. government deficit will shrink further, according to Intesa Sanpaolo SpA.
Italian banks UniCredit SpA, Intesa Sanpaolo SpA, Banca Monte dei Paschi di Siena SpA and Banca Nazionale del Lavoro SpA sold their stakes in payment processing firm SIA in a transaction valuing the company at 765 million euros ($1 billion).
Italian Prime Minister Enrico Letta plans to create a market for shares in the country’s central bank, a move aimed at bringing capital relief to the commercial lenders that have owned the stock since 1936.
Moncler, an Italian maker of $1,220 quilted polyester jackets, has demand for all the shares in its initial public offering to raise as much as 783 million euros ($1.1 billion), said three people with knowledge of the sale.
Europe’s biggest banks, led by Lloyds Banking Group Plc and Deutsche Bank AG, have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year.