Intesa Sanpaolo
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‘Generational change’ includes new CFO, deputy CFO and head of funding
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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◆ 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
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Joint Lander #64 and Eurofima take euros while EBRD goes for sterling
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Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts
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◆ 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
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Borrower targets pocket of liquidity in two year FRNs
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Banks are getting busy refinancing additional tier one — could even UBS issue?
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◆ 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
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◆ 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
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◆ Intesa takes €1.25bn with first covered bond since 2019 ◆ 12bp of concession left on the table ◆ Portugal’s Banco BPI to follow with its own covered return
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Italian lender pushes out to print 31 year non-call 30 note
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◆ Secondary rally shows appetite for risk ◆ Issuers target quick intra-day execution before CPI ◆ HSBC starts by luring Asian demand
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Pair attract a combined €6.3bn thanks to high yields and a normalising swap curve
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Positive Euribor rate prompts investors to look for longer FRNs
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Investors appreciated the Japanese bank’s ‘clinical one step move’
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Demand strongest at the short end due to market volatility
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Intesa offers up to five tranches out to 10 years as Rabobank issues private tier two
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Investors eager to lock in 'interesting yield' for Italy's national champion
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Rarer names and currencies are proving popular with investors
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Italian motor parts maker narrows price range as Ionos prepares to take lower valuation
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Sustainability-linked deal closed early due to massive demand
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The Italian electric motor parts manufacturer launched its flotation on Thursday
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Calmer book builds than earlier trades hint at less guesswork over pricing