Intesa Sanpaolo
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‘Generational change’ includes new CFO, deputy CFO and head of funding
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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◆ All issuers complete deals with seemingly no competition among them ◆ Three banks choose short and mid range maturities to tap different investors ◆ Market remains receptive for more issuance
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Joint Lander #64 and Eurofima take euros while EBRD goes for sterling
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Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts
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◆ Italian bank gets duration in Yankee market that it cannot reach in Europe ◆ The $3bn deal was its biggest for a decade ◆ Global bid for duration allows it to print longest SP dollar deal this year
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Borrower targets pocket of liquidity in two year FRNs
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Banks are getting busy refinancing additional tier one — could even UBS issue?
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◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book
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◆ The two banks restart senior issuance from national champions ◆ Intesa takes double the funding in eight year tranche than in four year one ◆ Mizuho’s seven year gets ‘extra boost’ from green label
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◆ Intesa takes €1.25bn with first covered bond since 2019 ◆ 12bp of concession left on the table ◆ Portugal’s Banco BPI to follow with its own covered return
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Italian lender pushes out to print 31 year non-call 30 note