Morgan Stanley guarantees smooth ride for Intesa T2

By Tyler Davies
04 Jun 2020

Intesa Sanpaolo was able to pick up competitive terms on a new tier two this week, after bringing a deal in the sterling market that had already been wall-crossed and underwritten by Morgan Stanley.

The Italian lender launched a £350m 10 year tier two at 390bp over Gilts on Wednesday, 30bp tighter than the initial price thoughts.

The bonds will pay a 5.148% coupon to investors, which is equivalent to about 4.3% in the euro market.

Morgan Stanley was the ...

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