IFIS brings senior bond as investors take exposure to NPLs

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By Jasper Cox
17 Apr 2018

Banca IFIS, an Italian lender with a large business in non-performing assets, opened books on its first rated senior bond on Tuesday, in a week in which Intesa Sanpaolo announced that a buyer was taking on its soured loans.

Arrangers BNP Paribas, Nomura and UniCredit released initial price thoughts in the 180bp area over mid-swaps for the €300m five year bond.

They were unable to move the pricing, setting a final spread of 180bp after orders from investors had topped €380m.

A syndicate banker away ...

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