Top stories
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Wells Fargo credit MD joins Intesa Sanpaolo
Wells Fargo's head of credit origination for the EMEA region has joined Intesa Sanpaolo’s loan syndicate desk.
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UniCredit pushes back TLAC funding plan
UniCredit has moved its target date for issuing instruments to meet its total loss absorbing capacity (TLAC) requirement from the end of this year to the end of March next year. Meanwhile, chief executive Jean Pierre Mustier is set to invest in the bank’s equity and additional tier one (AT1) notes.
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Veneto and Vicenza securitizations in limbo after Intesa purchase
Securitizations issued by the two Italian banks in liquidation, Veneto Banca and Banca Popolare di Vicenza, are in limbo, with no word from the banks themselves or Intesa Sanpaolo, which is acquiring most of their good assets, about the fates of the deals. The most recent issues from the two banks were kept for use as repo collateral with JP Morgan but both banks have plenty of outstanding placed bonds, too.
Intesa Sanpaolo in the markets - latest news
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Italian banks suffer as ECB cracks down on NPL stock
The European Central Bank has slapped the institutions under its supervision with deadlines for dealing with their stocks of non-performing loans, giving the weakest lenders up to 2027 to raise their coverage levels to 100%. The revelation hit Italian banks hard in the market this week, though some commentators said that the new recommendations should hardly have come as a shock to investors.
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Enel and Digital Realty sell first green corporate bonds of 2019
On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.
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Vinci lands 10 year after Gatwick bid agreement
French construction and concessions group Vinci on Friday sold its first corporate bond since announcing it had agreed to acquire a majority shareholding in Gatwick airport. It was the issuer’s second public bond issue in three months after more than five years without one.
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Deutsche Bahn sets the standard for low beta names
On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.
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Telecom Italia takes €1.25bn but premium causes surprise
Telecom Italia attracted €4.5bn of orders on Tuesday, which was no mean feat, having to contend with a €4bn four-tranche Orange deal in the market on the same day, but also the uncertainty surrounding the Italian government and its budget hanging over the country’s economy. This, combined with the company’s Ba1/BB+/BBB- ratings, meant it had to offer what research house CreditSights saw as a 90bp premium to its secondary curve for the new 5.25 year deal.
Intesa Sanpaolo In The Key League Tables
| Asset | Rank | STLY | Amount $m | No of issues | Share % | STLY Share % |
|---|---|---|---|---|---|---|
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| Bookrunners of European Leveraged Loans | 24 | 2,946.54 | 12 | 1.09% | ||
| Bookrunners of European Structured Finance | 24 | 764.28 | 3 | 0.58% | ||
| Bookrunners of European HY Bonds | 1 | 113.00 | 1 | 9.09% | ||
| Bookrunners of All Syndicated Loans EMEA | 19 | 13,476.13 | 50 | 1.62% | ||
| Bookrunners of European Marketed Syndicated Loans | 19 | 13,476.13 | 50 | 1.62% | ||
| Bookrunners of Euro Denominated Corporate IG Bonds | 14 | 19 | 406.30 | 2 | 2.83% | 0.91% |
| Bookrunners of European Corporate IG Bonds | 18 | 22 | 406.30 | 2 | 1.42% | 0.82% |
| Bookrunners of Central and Eastern Europe: Loans | 8 | 1,710.58 | 8 | 4.24% | ||
| Bookrunners of Middle East and Africa Loans | 21 | 1,549.67 | 4 | 1.46% | ||
| Dealer League Table Italy | 3 | 4,105.83 | 3 | 13.50% | ||
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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CEB GBP600m 1.125% Mar 22
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BFCM EUR1.25bn 0.75% Jul 26
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ING EUR1bn 2.125% Jan 26
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UniCredit USD2.5bn 6.57% Jan 22 / USD500m Jan 22 FRN
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Allianz EUR750m 0.875% Jan 25 / EUR750m 1.5% Jan 30
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BPCE EUR1.25bn 1% Jan 24
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ABN Amro EUR1bn Jan 21 FRN / EUR1.5bn 0.875% Jan 24
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FADE EUR1bn 0.5% Jun 23
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Portugal EUR4bn 1.95% Jun 29
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NIB GBP500m 1.125% Mar 22
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Ireland EUR4bn 1.1% May 29
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NWB EUR1.25bn 0.125% Jan 24
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MuniFin EUR1bn 0.125% Mar 24
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Alberta EUR1.25bn 0.625% Jan 26
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IADB USD3.25bn 2.625% Jan 24
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 23,474.87 | 54 | 9.05% |
| 2 | JPMorgan | 22,392.03 | 63 | 8.64% |
| 3 | BNP Paribas | 18,479.27 | 34 | 7.13% |
| 4 | HSBC | 16,833.19 | 48 | 6.49% |
| 5 | Barclays | 16,808.93 | 39 | 6.48% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 56,371.71 | 236 | 6.78% |
| 2 | Credit Agricole CIB | 50,115.87 | 240 | 6.03% |
| 3 | JPMorgan | 46,785.38 | 108 | 5.63% |
| 4 | UniCredit | 45,665.76 | 207 | 5.50% |
| 5 | SG Corporate & Investment Banking | 43,321.52 | 173 | 5.21% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 114.77 | 1 | 17.52% |
| 1 | BNP Paribas | 114.77 | 1 | 17.52% |
| 3 | Commerzbank Group | 65.85 | 2 | 10.05% |
| 4 | Oakley Advisory Ltd | 64.52 | 1 | 9.85% |
| 4 | Barclays | 64.52 | 1 | 9.85% |
