Intesa and Intesa Vita print tier two debt
Intesa Sanpaolo Vita, the life insurance unit of Intesa Sanpaolo bank, issued its debut subordinated bond on Tuesday, finding strong demand and using a new tier two deal from the bank — issued as part of an exchange — as a pricing reference.
Vita had spent the previous week meeting European lenders ahead of the trade, and on Tuesday went out for a €500m no-grow five year bullet transaction, which it priced at 385bp over mid-swaps — inside the tight end of guidance.
Investors used a new €1.45bn tier two bond from
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