Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ Issuer's joint-tightest spread since 2020 ◆ Constructive backdrop helped execution, says lead ◆ Busy primary market expected on Tuesday
◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A
◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP
◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp
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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.
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Investors sceptical at the start of the recent rally in the FIG market now have little choice but to enter the market, said bankers on Thursday.
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Senior unsecured investors lapped up supply from some of the market’s higher beta credits on Wednesday, after Intesa Sanpaolo flung the doors open for peripheral issuers on Tuesday.
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South Korea’s Woori Bank raised Bt5bn ($161m) from its first ever bond issue in Thailand’s local debt market, part of a plan to raise around $1bn this year from international investors.
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Yapı ve Kredi Bankasi has released price guidance for a $500m five year note at 7%-7.125% via lead managers JP Morgan, Standard Chartered Bank and Unicredit Bank. The 144a/Reg S senior unsecured note could be priced as early as Wednesday.
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Intesa Sanpaolo wanted to prove it had access to wholesale markets when it printed €1.5bn of 18 month fixed rate senior paper on Tuesday, EuroWeek understands.