Risk Return Italia: slowdown in secondary bond market hits structured products

Viewed from outside, Italy’s economy appears the most robust of the so-called Piigs (Portugal, Ireland, Italy, Greece and Spain), with one of the world’s most sophisticated bond markets. But with risk aversion at an all-time high, coupled with more stringent regulation, the picture looks more grim. Magda Ali reports

Luca Morello

An increase in attention paid to sovereign debt and soaring bond yields has put the spotlight on pressing issues such as funding, liquidity and counterparty risk. Consequently, 2011 has been the toughest period in terms of innovation of structured products for retail clients, according to industry participants at the Risk Return Italia conference in Milan on November 30, 2011.

When the sovereign debt crisis struck Italy in mid-2010, banks were concerned about how serious the country's government

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