Intesa clears hurdles in RMBS collateral test
Italy’s Intesa Sanpaolo relaunched issuance of covered bonds secured by residential mortgage backed securities this week when it sold a Eu1bn five year issue that overcame reduced line availability for Italian debt and some resistance to the deal’s structure. Axa Bank Europe is expected to further test appetite for such a product by launching its own deal soon.
Banca IMI, Barclays Capital, Crédit Agricole, Deutsche Bank and UBS on Wednesday priced the obbligazioni bancarie garantite issue, the first from a new mortgage programme, at 100bp over mid-swaps. This was in line with guidance of the 100bp over area.
A syndicate official away from the deal said
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