Intesa Sanpaolo
-
Italian auto finance bank FCA Bank found the feelgood factor in full effect on Friday as market participants suggested it priced a new three year deal more than 40bp tighter than if it had sold the same deal at the start of the year. -
Southern European banks were given a lift at the beginning of the week, when they emerged from the European Central Bank’s annual supervisory review and evaluation process (SREP) with their capital requirements broadly unchanged.
-
-
Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of the oil and gas sectors, has kicked off the year with a $6.5bn term loan facility, as market conditions remain “borrower friendly”.
-
On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.
-
French construction and concessions group Vinci on Friday sold its first corporate bond since announcing it had agreed to acquire a majority shareholding in Gatwick airport. It was the issuer’s second public bond issue in three months after more than five years without one.
-
On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.
-
Telecom Italia attracted €4.5bn of orders on Tuesday, which was no mean feat, having to contend with a €4bn four-tranche Orange deal in the market on the same day, but also the uncertainty surrounding the Italian government and its budget hanging over the country’s economy. This, combined with the company’s Ba1/BB+/BBB- ratings, meant it had to offer what research house CreditSights saw as a 90bp premium to its secondary curve for the new 5.25 year deal.
-
After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.
-
Bankers have confirmed that Qatar National Bank has entered the second phase of syndication to refinance an existing €2.25bn facility due for maturity in May 2019.
-
First it was a pair of car finance issuers. Then came a pair of utilities. And on Tuesday it was a pair of telecoms companies that came to the corporate bond market. But the latest couple really got investors revved up with more than €16.5bn of orders placed.
-
Russian Copper Co (RCC) has closed a $250m five year credit facility, marking the second refinancing that RCC has secured this year. The tight margin sparked a sliver of optimism in the market.
