WOOD Flash – Italy: referendum concerns exaggerated
We are two weeks away from the Italian Constitutional referendum, and the recent polls show that the NO camp is slightly ahead. In our view, this could still change as the YES campaign has only recently started. That said, we believe that the YES camp is likely to be favoured only if the turnout is low, with the voters who do turn out probably reflecting mainly the strong supporters of the Prime Minister and those afraid that a NO victory could spark a financial crisis. We maintain the view that the market’s concerns about a NO victory are exaggerated, and that the likelihood of an early election that would deliver a mandate to 5 Stars is minimal. That said, we suspect that a NO victory would complicate the ECB’s ability to announce the extension of QE.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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