Intesa Sanpaolo
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Scope Ratings, which in April announced its first ratings of European banks based on criteria that de-links bank credit ratings from their sovereigns, said in a report Wednesday that exposure to domestic sovereign debt poses a large credit risk to Italian and Spanish banks, pointing to sovereign exposures at BBVA, Santander, UniCredit and Intesa Sanpaolo.
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Intesa Sanpaolo has signed a €75m agreement with the European Investment Bank to support trade between Greece and Italy.
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With the growth of floating rate note issuance in Europe recently, it is perhaps surprising that RCI Banque, the finance arm of Renault, had not yet joined the trend. But the revival of FRN investors’ appetite, in terms of size, credit quality and maturity, has been fairly recent, making now the right time to bring RCI, bankers said.
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In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.
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A busy week for peripheral bond issuance continues with Intesa Sanpaolo readying a floating rate senior unsecured deal on Thursday. -
The Bank of Italy’s efforts to get Italian banks ready for supervision by the ECB has crushed Intesa’s 2013 P&L, as the bank follows the same strategy as peer UniCredit in taking a huge impairment in the final quarter to clean its balance sheet for the impending asset quality review and stress test double-whammy.
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Intesa Sanpaolo has taken a €6.8bn impairment in its fourth quarter results, following the same strategy as UniCredit in hammering 2013’s P&L to get a clean balance sheet ahead of the stress test and asset quality review double-whammy due later this year.
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One of Italy’s more troubled financial institutions, Banca Monte dei Paschi di Siena, will sell a senior unsecured bond to screaming demand, in yet another illustration of how hunger for yield is not so much opening the door to market access to previously questionable credits; it is rolling out the red carpet and hosting a champagne reception in their honour.
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Crossover credits ArcelorMittal and Fiat took advantage of a strong market to sell five and seven year euro benchmark bonds on Tuesday.
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Rallye, the unrated French holding company that owns 49% of Casino, the French supermarket chain, and 90% of retailer Groupe Go Sport, launched a bond issue today that investors jumped on, relishing its 4% yield. The €300m issue was increased to €500m.
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Italy’s first syndicated inflation-linked bond in nearly three years this week could help Spain enter the linker market for the first time, SSA bankers said this week.
