Intesa Sanpaolo
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Student Hotel finds bed for sustainable loan — Italo mainlines green loans — Green bond stalwart Tennet signs — Scottish Mortgage returns to US PP — CVC-owned April preps rapid refi
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Italo, the Italian high speed rail operator, has signed a €1.1bn green loan, in what tit says is the biggest ever product of that stripe in its home market and the largest ever in the transportation sector globally. -
Intesa Sanpaolo and Landesbank Hessen-Thüringen (Helaba) gave investors the chance to put money into preferred senior paper on Tuesday. Both trades attracted chunky order books and gave away a small new issue premium.
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Rusal has signed the first internationally syndicated sustainability-linked loan from Russia. The heavily oversubscribed facility is part of a slowly growing shift towards green financing in Russia, said bankers.
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Banco BPM extended the run of recent Italian bank bond supply this week, launching a preferred senior bond. The deal was launched at 200bp over mid-swaps and did not offer a new issue premium to investors, according to a banker on the deal.
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Europe's high grade corporate bond new issue market has opened the week smartly, with almost €2bn of debt raised, as borrowers nip into the market before earnings blackouts interrupt new issuance.
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An explosion of international issuance in yen is being accompanied by a re-evaluation of traditional routes of access into Japanese capital markets. Euroyen deals and Tokyo Pro-Bonds are rapidly establishing themselves as viable alternatives to the Samurai bond market. Tyler Davies reports.
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Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.
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Siberian Anthracite, the largest producer of anthracite coal in Russia, has closed a dual currency loan refinancing, adding a large euro chunk to its existing dollar debt. The deal points to a growing inclination towards euro funding among Russian borrowers in a bid to avoid operational and sanction-related obstacles, say bankers.
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Italian banks from across the spectrum of credit quality have accessed debt capital markets this week, as they enjoy funding costs that might not have seemed possible in the middle of the term of the country’s previous government.
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The Republic of Kazakhstan and the State of Montenegro have mandated for the first euro bonds from the CEEMEA region since the market re-opened in September.
