Intesa Sanpaolo

More than 12 regional and global banks joined the facility as Middle Eastern companies find M&A appetite

◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label

‘Generational change’ includes new CFO, deputy CFO and head of funding

Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift

◆ All issuers complete deals with seemingly no competition among them ◆ Three banks choose short and mid range maturities to tap different investors ◆ Market remains receptive for more issuance

Joint Lander #64 and Eurofima take euros while EBRD goes for sterling

Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts

◆ Italian bank gets duration in Yankee market that it cannot reach in Europe ◆ The $3bn deal was its biggest for a decade ◆ Global bid for duration allows it to print longest SP dollar deal this year

Borrower targets pocket of liquidity in two year FRNs

Banks are getting busy refinancing additional tier one — could even UBS issue?

◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book

◆ The two banks restart senior issuance from national champions ◆ Intesa takes double the funding in eight year tranche than in four year one ◆ Mizuho’s seven year gets ‘extra boost’ from green label