Intesa Sanpaolo

◆ Italian bank gets duration in Yankee market that it cannot reach in Europe ◆ The $3bn deal was its biggest for a decade ◆ Global bid for duration allows it to print longest SP dollar deal this year

Borrower targets pocket of liquidity in two year FRNs

Banks are getting busy refinancing additional tier one — could even UBS issue?

◆ 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

◆ 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

◆ 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

Italian lender pushes out to print 31 year non-call 30 note

◆ Secondary rally shows appetite for risk ◆ Issuers target quick intra-day execution before CPI ◆ HSBC starts by luring Asian demand

Pair attract a combined €6.3bn thanks to high yields and a normalising swap curve

Positive Euribor rate prompts investors to look for longer FRNs

Investors appreciated the Japanese bank’s ‘clinical one step move’

Demand strongest at the short end due to market volatility