Intesa Sanpaolo
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European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports. -
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The financial primary market paused on Wednesday. Despite euro borrowers enjoying oversubscribed order books this week, demand in the secondary market is lagging behind, as investors await further rises in yields.
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Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.
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FIG issuers are taking care to announce deals before opening order books this week, as they try and book their places in the market ahead of a tricky meeting for the European Central Bank on Thursday.
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Intesa Sanpaolo ventured outside of its home market in search of senior paper this week, placing its first sterling deal in almost nine months and its first yen trade since early 2019.
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Italy made its long-awaited green bond debut this week, and set new records for the biggest and longest sovereign green bond.
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Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.
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Italy picked the banks to lead its debut green bond on Tuesday after unveiling its sovereign green framework to investors last week.
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EP Infrastructure, the Czech Republic-headquartered energy infrastructure group, launched a euro bond on Tuesday. By midday, books had almost reached €3bn.
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BPCE found plenty of demand for a long-dated senior deal in euros on Monday, even as secondary spreads drifted wider.
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EP Infrastructure, the Czech Republic-headquartered energy infrastructure group has mandated banks to syndicate a bond in euros. Though much of supply from the CEE region last year came from sovereigns, market participants believe now is a good time for corporates to issue in debt markets.
