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Cost of printing a five year bond has fallen a long way since October
The bank is considering bond issuance in currencies other than the euro
◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote

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  • CEE
    The US has imposed sanctions on Russian sovereign debt in response to the use of a banned nerve agent in the attempted assassination of Sergei Skripal, a former Russian spy. However, the sanctions are not severe enough to have damaged demand for Russian bonds in the secondary market.
  • The Black Sea Trade and Development Bank printed its first bond denominated in Azerbaijani manat last week, raising Am10m ($5.9m) with an auction of a two year bond.
  • John Flint quit his position as CEO of HSBC on Monday after less than two years in the job, as the bank warned of difficult global conditions in its second quarter results. The bank’s chair Mark Tucker implied the desire for change related to a problem with Flint’s execution of the bank’s strategy, rather than the strategy itself, but the departure has also raised questions about HSBC’s Chinese operations.
  • Corporate borrowing activity is expected to be sustained throughout the second half of the year as borrowers "take advantage" of the liquidity in the loan market. The expectation comes in the aftermath of two large dividend recapitalisation transactions by Polish corporates, Allegro and Żabka, in the second quarter.
  • Indian microloan provider Spandana Sphoorty Financial kicked off a two-day bookbuilding for its up to Rp12.01bn ($169.9m) IPO on Monday morning.
  • The renminbi fell beyond seven against the dollar on Monday morning for the first time in a decade, in what is viewed as China’s response to its worsening relations with the US.