BBVA, Intesa pile into periphery revival but spark fears of oversupply
No sooner has a market reopened than bankers start to fret about oversupply. After the ECB’s announcement last week of a plan to support eurozone sovereign debt markets, peripheral FIG borrowers were celebrating their revived access to debt markets on Monday morning. So much so, in fact, that bankers worried that markets would soon begin to push back.
Among those joining the barrage of issuance were BBVA, Intesa Sanpaolo and LeasePlan. Banca IMI, BNP Paribas, Credit Suisse, JP Morgan and Morgan Stanley were lead managing a four year senior bond for Intesa with initial price thoughts of mid-swaps plus 355bp area.
Pricing was set tighter, at
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