Intesa reopens funding markets for Italian banks
Intesa Sanpaolo became the first Italian bank to raise funding during the coronavirus pandemic this week. It offered a healthy premium for its five year senior deal, but the bonds have performed very well in the secondary market.
Intesa sold the €1.25bn five year senior bond at 245bp over mid-swaps on Monday.
Banca IMI, Bank of America, Citi, Crédit Agricole, Deutsche Bank, Natixis and UBS had been running the deal.They started the pricing in the 270bp area over mid-swaps, attracting €1.25bn of demand by 9.50am in ...