Intesa lifts lid on strong demand for new AT1s

By David Freitas
25 Aug 2020

Intesa Sanpaolo racked up plenty of orders behind an additional tier one (AT1) on Tuesday, showing that investors are hungry for new sources of yield. The deal ended a long pause for sales of subordinated debt in the euro market.

Intesa Sanpaolosaid it was looking to raise €1.25bn of AT1 capital over two separate tranches — a perpetual non-call 7.5 year  and a perpetual non-call 11 year.

The Italian bank hired Crédit AgricoleDeutsche BankHSBC, Banca IMI, JP MorganMorgan Stanley and UBSto run the transaction. 

They started with ...

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