Intesa Sanpaolo
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Foreign and domestic banks flocked to the UK this week as they sought to take advantage of stellar funding conditions in the sterling market. Bankers said this was the first chance issuers had to benefit from opportunities in the currency following December’s general election, which removed a lot of short-term uncertainty around Brexit. -
Crédit Agricole Italia marketed a dual-tranche bond with eight year and 25 year maturities. A steeper curve helped the longer tranche offer a higher pickup against the shorter bond, but investors still placed hefty orders on both tenors.
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Banks are already closing in on a record January in terms of new bond sales in the sterling market, as foreign and domestic issuers take early advantage of funding opportunities in the currency.
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Italian superyacht maker Sanlorenzo was buoyant in trading on Tuesday after the company made its debut on the Borsa Italiana. However, the stock was under water by the close on Thursday, on very thin trading volumes.
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Investec has entered the loan market for the third time this year, taking a $450m two year term loan from a range of international lenders.
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The Netherlands’ Prosus has raised its takeover offer for food delivery firm Just Eat to around £5.1bn. It has brought in a host of banks to finance the bridge facility, but the boss of opposing bidder Takeaway.com called Prosus' bid “derisory”.
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The listing of Italian luxury yacht maker Sanlorenzo is due to be priced at €16, the bottom of the initial range, despite a tough market backdrop for IPOs.
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Italgas, the Italian gas distributor, issued a €500m 12 year bond on Monday, although syndicate bankers said they expected deal flow to diminish to a trickle over the week.
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One of Banca Imi's vice presidents of loan syndications in London has joined Commerzbank's international loan origination team in Paris.
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The Bank of Italy will require Banca Monte dei Paschi di Siena to maintain higher capital buffers from next year, after finding that it has become more complex and interconnected within the financial system.
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Intesa Sanpaolo has become the first bank to use the proceeds of a green bond specifically to promote the development of a more circular economy — an issue that has been gaining increased attention from EU policymakers recently.
