Intesa Sanpaolo
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Banks are getting busy refinancing additional tier one — could even UBS issue?
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◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book
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◆ The two banks restart senior issuance from national champions ◆ Intesa takes double the funding in eight year tranche than in four year one ◆ Mizuho’s seven year gets ‘extra boost’ from green label
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◆ Intesa takes €1.25bn with first covered bond since 2019 ◆ 12bp of concession left on the table ◆ Portugal’s Banco BPI to follow with its own covered return
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Italian lender pushes out to print 31 year non-call 30 note
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◆ Secondary rally shows appetite for risk ◆ Issuers target quick intra-day execution before CPI ◆ HSBC starts by luring Asian demand
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Pair attract a combined €6.3bn thanks to high yields and a normalising swap curve
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Positive Euribor rate prompts investors to look for longer FRNs
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Investors appreciated the Japanese bank’s ‘clinical one step move’
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Demand strongest at the short end due to market volatility
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Intesa offers up to five tranches out to 10 years as Rabobank issues private tier two
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Investors eager to lock in 'interesting yield' for Italy's national champion