Intesa gives in to demand with longest peripheral in a year
Intesa Sanpaolo has given in to perennial investor appetite for long dated peripheral issuance, tapping into excessive demand with a €1.25bn 10 year covered bond — the first in this tenor from a peripheral issuer in over a year. Though the cost of funding is more expensive than the underlying assets, the losses are not as high as they would have been if the deal had come three months ago.
At 8:10am UK time on Thursday, joint leads Banca IMI, Barclays, Deutsche Bank and SG CIB took indications of interest for the €1.25bn 10 year deal at 220bp over mid-swaps. The books opened 40 minutes later on official guidance of 210bp area and by 9am the deal went
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