Intesa Sanpaolo

The resolution of four small Italian banks has trimmed several basis points off the common equity tier one capital ratios of Intesa Sanpaolo, UBI Banca and UniCredit.

The versatility of equity-linked debt in today’s hot market was in evidence again on Monday, when the City of Turin used the product for the first time to raise €150m of five year debt against its stake in Iren, the Italian multi-utility group.

Anheuser-Busch InBev, the Belgian-Brazilian brewer, mandated a group of 21 banks to provide its $75bn loan facility, but there was no coordinator as AB InBev took an active role in arranging the transaction.

FCA Bank, the financing joint venture of Fiat Chrysler and Crédit Agricole, issued a €500m no-grow bond today.

Banca Imi has hired Alberto Viarengo as head of debt markets.

Deezer, the French music streaming service, opened the book for its IPO on Thursday morning, as the autumn’s busy season of flotations continues to produce successes, failures and deals that get done at weakened terms.

Turkcell will add to a busy September of funding by signing up to €1.25bn of loans with the China Development Bank in the next few days.

Sorgente Real Estate System, the Italian property company, today launched its initial public offering in Milan, according to a banker on the deal.

Intesa Sanpaolo’s inaugural AT1 note, which was priced 7.7% on Thursday, was hailed as an impressive trade by London bankers.

On Thursday Intesa Sanpaolo gave US FIG markets its first tier one trade since August and ABN Amro is set to price an AT1 sale next week. With markets looking healthy, more capital trades could follow later this month.

Intesa Sanpaolo will price a 10 year AT1 note this week, becoming the latest European bank to enter the capital market after ABN Amro announced its inaugural euro AT1 deal yesterday morning.

The privatisation IPO of Poste Italiane, set to be one of the highlights of the ECM calendar in the second half of 2015, took another step forward on Tuesday when the company filed its request for listing to Borsa Italiana and its prospectus to Consob for approval.