Intesa Sanpaolo
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Italian electricity company Enel refinanced a €9.4bn credit facility on Thursday and reduced the margin on the loan from 190bp to 80bp over Euribor. -
UniCredit and Intesa Sanpaolo reported skinny profits, but knocked it out of the park compared to last year, when both banks took multi billion euro writedowns to prepare their balance sheets for forensic examinations during the European Central Bank’s Asset Quality Review.
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Intesa SanPaolo’s profit in the fourth quarter 2014 came in well below consensus and its corporate and investment banking arm was down 8.7% on the previous year.
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Electricity Supply Board, the Irish power company, has amended and extended a €1.44bn loan facility with Intesa Sanpaolo and Santander joining the syndicate for the first time.
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OVS, the Italian clothing retailer, has begun investor education for an IPO, which could involve about €350m of new shares being issued, as well as a smaller amount of secondary stock. They could add up to as much as 49% of the stock being listed.
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OVS, the Italian clothing retailer, has begun investor education for an IPO, which could involve about €350m of new shares being issued, as well as a smaller amount of secondary stock. They could add up to as much as 49% of the stock being listed.
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Four Seasons Health Care — Gazprom — Angola — Addnode Group
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Banca Imi has hired a senior Barclays convertible bond salesman to head its equity-linked sales drive.
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The senior FIG market’s new year surge accelerated on Thursday, with another five new issues announced in the wake of Wednesday’s successful prints. Attractive new issue premiums have kept demand high for senior unsecured prints, according to syndicate managers.
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Insurance capital is finding unexpected favour even as most other European debt markets are stopped in their tracks. With insurers rushing to take in fresh subordinated debt ahead of new EU regulations next month, and investors increasingly receptive to higher yielding instruments from a less volatile sector than banks, more than €2.3bn ($2.85bn) of deals emerged this week. And as Nathan Collins and Graham Bippart report, more could emerge in the coming days.
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Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.
