Intesa puzzles market with €1.5bn senior return

03 Feb 2012

After three months without issuance from a peripheral European borrower, Italy’s Intesa Sanpaolo lit up the senior unsecured market this week with a €1.5bn print that was almost twice oversubscribed. But the deal split opinion as to whether it was an example of muscle flexing or a costly piece of braggadocio.

While some questioned its motives for bringing an 18 month fixed rate deal at a time when the ECB is providing cheap three year funding, the bank said the deal was a show of strength for the benefit of investors and rating agencies.

The deal followed a controversial report ...

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