Italy
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Banca IFIS, a specialist bank in Italy, has bought a €190m nominal portfolio of performing and non-performing loans from Barclays.
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The Italian Treasury on Thursday bought back €4.2bn of the November 2017 BTP Italia — more than €1bn above its target amount — as part of a syndicated exchange that swapped the bonds for paper maturing in the 2020s and 2030s. -
Italy’s BPER Banca has picked five banks to arrange the sale of a new tier two capital issue, as the financial institution bond market looks to open its doors to lower rated banks.
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Mediobanca was able to print a €1bn five year floater inside Intesa Sanpaolo’s trading levels on Thursday, as extremely supportive new issuance conditions helped the FIG market glow red hot.
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Intesa Sanpaolo cranked pricing in on a new additional tier one (AT1) on Tuesday, striking quickly to take advantage of stellar conditions in the market for bank subordinated debt.
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Pirelli, the Italian tyre maker owned by China National Chemical Corp (ChemChina), is pressing ahead with its plan to relist earlier than expected, due to favourable market dynamics.
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UniCredit is seeking investors’ consent to substitute Fitch with Moody’s as credit rater of its conditional pass through covered bond programme. The latter requires an issuer to provide less collateral for a similar rating.
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Shares in Gestamp Automoción and Banca Farmafactoring, which had performed poorly on their first day of trading after their IPOs on Friday April 7, steadied this week, providing relief to equity capital markets bankers anxious to avoid poorly performing deals putting off investors.
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Intesa Sanpaolo issued a €1.5bn five year floating rate note on Monday following a successful deal in the format for BBVA last week and also paid close to no new issue premium.
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Fears about poor asset quality are still prominent in Italy, but recent progress towards recapitalising the banking sector could have a big impact in helping Italian financial institutions make better use of international capital markets, writes Tyler Davies.
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UniCredit raised $2bn of senior debt in its first global bond offering for several years, fuelled by stronger sentiment following its €13bn rights issue.
