Intesa Sanpaolo
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Europe’s high grade bond market hosted issuers at both ends of the rating spectrum on Wednesday, with Italian transmission company Terna and Singapore’s Ascendas Reit finding ample demand for their higher rated debt. -
The two riskiest issuers in Europe’s corporate bond market on Wednesday both opted for size over pushing hard on pricing. Poste Italiane with its hybrid capital issue and crossover-rated Finnish nuclear power company Teollisuuden Voima priced bigger than expected deals.
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There was little let-up in demand for property companies' bonds on Tuesday, as investors stocked up on Inmobilaria Colonial and debut issuer Sirius Real Estate, before the void of issuance expected from the tail end of this week.
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Prospects for companies to issue more social bonds rose this week, with the debut issue by Electricité de France, a borrower with a long and influential track record in the green bond market.
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Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.
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Europe’s high grade corporate market this week saw one of its busiest days of the year, with a touch over €4.5bn printed from eight tranches on Wednesday, and investors lapped up most of the deals with ease.
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Mondadori Group, the Italian book and magazine publisher, has signed €450m of loans from four banks, with the borrower slashing 25bp off the margin as competition to lend to mid-caps soars in Europe.
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A group of Italian insurance executives have teamed up to launch a new special purpose acquisition company on the Alternative Investment Market of the Borsa Italiana. The €200m IPO is due to close later today.
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Euronext, the Dutch-registered, Paris-headquartered stock exchanges group, brought a €1.8bn triple tranche bond issue on Thursday. Investors showed much larger appetite for the shortest maturity as inflation fears linger.
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Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.
