Banks
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Capital markets in Italy were plunged into an inferno of uncertainty this week, as investors appeared to lose confidence in the country’s economy and banks following the government’s release of its proposed budget, write Sam Kerr and Jasper Cox. Banks and companies looking to raise equity or debt face a tricky time.
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Yankee banks continued to dominate the high-grade calendar as lenders from across the globe teed up benchmark deals.
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The Development Bank of Japan was able to tighten pricing on a €700m October 2025 sustainability bond this week, something not every issuer has found possible in the currency in the past few weeks. Meanwhile, the World Bank tapped an old friend for $200m with a green bond.
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Asian Development Bank received large demand for its inaugural Sonia-linked floater on Tuesday, despite offering no new issue concession. The supranational saw a number of new accounts and was able to increase the size of the deal to set the largest volume it has sold in sterling to date.
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Switzerland’s Nestlé has refinanced or extended loans totaling around €11bn, and lenders say that the rest of the year will be populated by similar transactions in the investment grade market.
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