The on-going drama surrounding the deliquent pension receivables transaction for Italian state pensions agency, INPS, shows no signs of becoming less operatic, according to sources close to the deal.

As the ASRI was going to press, the Italian treasury had invited banks to bid for the mandate to underwrite the transaction, but had yet to make a decision. More than a dozen banks had attended a meeting with INPS and the treasury, but it is unclear how many will finally put in a bid. However, INPS officials insisted that it was still possible that the deal, which is being arranged by Morgan Stanley, Warburg Dillon Read and San Paulo IMI, would be launched before the year-end.

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