The city of Venice became the latest sub-sovereign to capitalise on strong demand for bonds issued by European regional and local authorities with a debut transaction worth €115m ($100.7m).
Nazzaro Angelini, head of the Western European public sector group at Merrill Lynch, which acted as lead manager on the bond, said: "This was an extremely prestigious mandate for us and the deal was keenly awaited by investors. Not only is Venice well-known worldwide as an historic landmark city, it also boasts a credit rating that is higher than the sovereign ceiling."
