Intesa Sanpaolo

Eutelsat, the French satellite operator, managed to issue a €500m no-grow five year bond on Thursday, despite the ever-fraying nerves about Brexit — though it offered a sizeable new issue premium.

Veneto Banca’s IPO bookbuild will begin on June 8, but hopes of it achieving its flotation in Milan are dim. “At the bottom of the price range, there are cheaper Italian banks,” said one banker on the deal, encapsulating the problem.

Abu Dhabi's Mubadala has tightened the margin on its $1.75bn three year refinancing, despite the price on the original loan already being “eye-wateringly low”, according to one banker.

Veneto Banca’s IPO attempt has been set for the latter part of June, but whether it has any better success than Banca Popolare di Verona at finding institutional demand remains in doubt.

UniCredit and Intesa Sanpaolo both escaped having to deduct the Atlante fund’s rescue of Banca Popolare di Vicenza from their capital. But the firms took very different equity damage from the debut deal, despite each owning a €300m stake. Owen Sanderson reports.

Banking is a game with rules, and regulators set them. That’s why, when the chips are down, they can change them to make banks look better.

French motorways operator Autoroutes du Sud brought a €500m no-grow bond to the market on Wednesday, drawing in a €2.2bn order book.

Atlante could reach out to more potential investors after being forced to underwrite all of Banca Popolare di Vicenza’s recent IPO, but the future of larger banks remains subject to the success of structural reforms.

Monte dei Paschi di Siena is beyond the help of Fondo Atlante, according to an ECB official, but new reforms could help the bank tackle its mountain of non-performing loans.

RCI Banque was one of four corporate issuers in the European bond market on Tuesday, as it printed €600m of seven year notes that won the skinniest new issue premium of the day.

The failure of the IPO of Banca Popolare di Vicenza leaves full responsibility for the bank’s future with the hastily put together Fondo Atlante — and is a poor omen for the listing of Veneto Banca, due to roll forward after a shareholder meeting this week.

Banca Popolare di Vicenza’s board is to meet later this afternoon to consider the results of its €1.5bn IPO, for which the bookbuild closed earlier today (Friday April 29).