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MPS sub debt rallies as Italy to buy €2bn
The junior debt of Banca Monte dei Paschi di Siena rallied strongly on Wednesday on reports the Italian government was preparing to buy €2bn of subordinated bonds from retail investors, support which could potentially avoid the European Commission’s onerous state aid rules.
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MPS bail-in fears recede as hopes rise of state help
Banca Monte dei Paschi’s shares leapt 7% on Wednesday morning, on growing hopes that a way will be found for the Italian state to strengthen its balance sheet, enabling it to achieve a €5bn capital raising demanded by the European Central Bank and avoid a bail-in.
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MPS recap takes centre stage as BNPP and DB bag last minute funding
The focus was firmly on Italy this week. Despite the government’s failure to secure support for constitutional reform and the resignation of prime minister Matteo Renzi, financial bonds rallied across the board as shorts were covered and new risk was added.
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MPS tanks as rest of FIG rallies
The subordinated debt of embattled Italian lender Banca Monte dei Paschi di Siena (MPS) fell several points on Tuesday as the rest of the FIG market rallied.
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Clouds hang over Italian banks despite post-referendum calm
The 'no' vote in Italy’s referendum on constitutional reform was met on Monday morning with a muted reaction in credit and equity markets but, with profound uncertainty overhanging the political situation and Banca Monte dei Paschi di Siena’s rescue plan, analysts are not optimistic about the performance of the Italian financial sector in the short term.
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Monte dei Paschi cornerstones get a few more days after Renzi quits
Banca Monte dei Paschi di Siena and the underwriters of its €5bn capital raising have agreed with the prospective cornerstone investors in the deal to push back the launch of the sale by three or four days, after the resignation of Italy’s prime minister Matteo Renzi on Sunday night.
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GACs scheme questioned as Intesa opts for loan sale over ABS
Monte dei Paschi, UniCredit and Intesa will push ahead with non-performing loan sales after Sunday's Italian referendum result, but political turmoil and the slow pace of the government’s GACs guarantee scheme could lead to changes in the way NPL sales are structured.
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IG corporates make swift referendum recovery as investors eye year-end
Early morning volatility had largely retraced by mid-morning in investment grade euro corporate bonds on Monday, as market participants, for once this year, got the political result they expected from Sunday’s Italian referendum.
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SSA market steady after Italian ‘no’ vote, as bankers await ECB action
The public sector bond market rode out the widely expected ‘no’ result of the Italian constitutional referendum on Sunday night, as bankers looked at a possible silver lining in the form of a more dovish European Central Bank meeting on Thursday.
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Asset owners to attempt daring, immediate emission cuts
One of the boldest initiatives to green the financial system is getting under way this year, as the members of the Net Zero Asset Owner Alliance begin a drive to reduce the greenhouse gas emissions of entities they invest in by between 16% and 29% in the next five years.
Comment
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ECB: between a rocky referendum and a hard inflation pace
The market was already expecting that the European Central Bank would announce an extension to quantitative easing — and be tight-lipped on tapering — at its next governing council meeting on Thursday. The resignation of Italy's prime minister Matteo Renzi following defeat in a constitutional referendum on Sunday now means the central bank has little choice but to offer some more easing.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
-
SNCF SA EUR1.5bn 1% Jan 61
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Spain EUR10bn 0.1% Apr 31
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CEB EUR1bn 0% Jan 31
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World Bank EUR2bn 0.2% Jan 61
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NIB USD1.25bn 0.5% Jan 26
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EFSF EUR3bn 0% Jan 31, EFSF EUR2bn 0.05% Jan 52
-
KfW USD5bn 0.625% Jan 26
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LBBW EUR750m 0.375% Feb 31 bail-in senior social
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UniCredit EUR1bn 0.325% Jan 26 / EUR1bn 0.85% Jan 2031
-
Credit Suisse Group EUR1.5bn 0.625% Jan 33 / €1.5bn FRN Jan 26
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Banco BPM EUR400m 6.5% PNC5 AT1
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IADB USD4bn 1.125% Jan 31 sustainable development bond
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Italy EUR10bn 0.95% Mar 37
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KfW GBP1bn 0.125% Dec 26
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Land NRW EUR2bn 0.95% Jan 21
All International Bonds
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 28.16 | 118 | 8.09% |
2 | Citi | 27.35 | 87 | 7.86% |
3 | BofA Securities | 20.32 | 74 | 5.84% |
4 | BNP Paribas | 19.76 | 67 | 5.68% |
5 | HSBC | 19.56 | 72 | 5.62% |
Bookrunners of All Syndicated Loans EMEA
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | BNP Paribas | 60.87 | 123 | 14.06% |
2 | Credit Agricole CIB | 28.59 | 93 | 6.60% |
3 | Santander | 25.41 | 90 | 5.87% |
4 | JPMorgan | 23.88 | 61 | 5.52% |
5 | UniCredit | 21.51 | 103 | 4.97% |
Bookrunners of all EMEA ECM Issuance
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Morgan Stanley | 0.94 | 4 | 13.47% |
2 | Goldman Sachs | 0.78 | 5 | 11.09% |
3 | Credit Suisse | 0.67 | 3 | 9.64% |
4 | HSBC | 0.61 | 3 | 8.77% |
5 | BofA Securities | 0.61 | 2 | 8.70% |