Intesa punches through triple digits
Italy’s Intesa Sanpaolo made a surprise return to the covered bond market on Thursday, launching a €750m five year deal. It has a penchant for bringing deals during the annual Euromoney Covered Bond Congress, having done the same last year. Despite the odd timing and a spread that eventually moved into double digit territory, the deal was priced at the tight end of the range.
Intesa mandated joint leads Banca IMI (B&D), BNP Paribas, Commerzbank, ING and RBS for a five year A2 rated Obbligazioni Bancarie Garantite on Thursday morning at a time when most market participants were at the year’s big industry conference.
The timing seemed peculiar but followed a pattern. In
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