Intesa Sanpaolo

Different countries treat their banks differently, but rarely has that been clearer than last week. The week closed with Italy agreeing to hand Intesa a fat cheque, a free option and state blessing to consolidate its hold on the banking system. The UK, though, started criminal prosecution of its own ‘national champion’, with the Serious Fraud Office unveiling its fraud allegations against Barclays.

Well funded European financial institutions could take a step back from the euro market in the build up to the summer period, leaving it to firms from outside the region to keep FIG investors entertained in the coming months.

A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.

Nuovo Transporto Viaggiatori ran a four day roadshow for its first bond this week, as the market welcomed a €4bn deal pipeline.

Intesa Sanpaolo has finally launched into general syndication a €5.2bn loan that it solely underwrote for the acquisition of a 19.5% stake in Rosneft by the Qatar Investment Authority and Glencore, after months of delay and reports that it might not happen.

Intesa Sanpaolo was unable to tighten pricing for its barely subscribed €1bn 10 year Obbligazioni Bancarie Garantite on Wednesday as mounting political risk in Italy caused a distinct change in sentiment.

The Italian Treasury on Thursday bought back €4.2bn of the November 2017 BTP Italia — more than €1bn above its target amount — as part of a syndicated exchange that swapped the bonds for paper maturing in the 2020s and 2030s.

Rating: Baa1/BBB-/BBB

Intesa Sanpaolo cranked pricing in on a new additional tier one (AT1) on Tuesday, striking quickly to take advantage of stellar conditions in the market for bank subordinated debt.

General Motors Financial Co made its first journey of the year to the euro bond market on Wednesday, issuing a €1bn four year floating rate note.

Pirelli, the Italian tyre maker owned by China National Chemical Corp (ChemChina), is pressing ahead with its plan to relist earlier than expected, due to favourable market dynamics.

Intesa Sanpaolo has objected to a report by a Russian news agency that it was "considering not syndicating" its €5.2bn loan to finance the acquisition of shares in Rosneft by Glencore and the Qatar Investment Authority.