Capital raisings vital for the future of Italian banking are likely to prove extremely tricky, with bond investors beginning to price in the fact that planned listings for banc a popolare dl vicenza and veneto banca may even be impossible in current market conditions. The IPOs planned for early this year are needed to fill capital holes - €1.5bn for Vicenza and €1bn for Veneto - but debt investors have begun to express fears about the chances of execution. Subordinated bonds issued just a few months ago by both banks have been steadily declining since the beginning of the year.
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