Intesa reopens funding markets for Italian banks

By Tyler Davies
18 May 2020

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 ...

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