Intesa Sanpaolo hit a 32% take-up on a tier one buyback offer that was affected by rallying prices on Italian sub debt. The lender will buy back €1.23bn of three tier one securities, having launched an any-and-all cash tender offer on February 6.
Banca IMI, Deutsche Bank, Goldman Sachs and Société Générale were dealer managers on the exercise.
The buyback prices range between 88% and 91% of par. The prices are much higher than the deep discounts seen on other tier one buyback offers recently, reflecting a recent rally in Italian