Intesa Sanpaolo
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Intesa Sanpaolo will provide Italian companies with €5bn worth of new one to 1.5 year loans, and offer an additional €10bn of debt to customers through existing credit lines, to help steer the nation's economy through the Coronavirus crisis. -
On Monday, a day when European stock indices plummeted, hedge fund giant Bridgewater Associates was executing short positions against 37 of the continent's companies, particularly in France, Germany, Spain and the Netherlands.
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Italy’s capital markets bankers are keeping calm amid the coronavirus crisis, getting used to working from home, and trying to support clients as well as they can, while wishing for help from Europe and the European Central Bank. But they are not allowing themselves to hope the worst is over. The health crisis is acute and getting worse.
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Banco BPM unveiled an ambitious new strategic plan this week, accounting for the potential impact of Covid-19 in northern Italy. The bank intends to reduce its reliance on the European Central Bank (ECB) for funding and take advantage of regulatory changes allowing additional tier one to be included in Pillar 2 capital requirements.
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Banks are delaying their plans to raise funding in the euro market, as credit spreads drifted wider on news about the spread of the Covid-19 coronavirus.
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Omani gas transportation company, Oman Gas Co, a branch of state-owned Oman Oil Co, has sold an $800m credit facility to local lenders.
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Credit spreads lurched wider at the beginning of the week, with investors reacting to reports of further cases of the Covid-19 coronavirus outside of China. The reaction fell short of panic, but bankers said that some issuers were moving to delay their plans for bond deals.
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Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.
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Banca IFIS sold a senior bond this week, as Italian bank bond spreads rallied following Intesa Sanpaolo’s takeover bid for UBI Banca.
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Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.
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Italian banks have been piling into the primary bond market in the first quarter, capitalising on an incredible rally in the sector as investors look for new sources of value.
