Intesa Sanpaolo
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Italy’s announcement that it plans to overshoot the European Commission’s budget deficit limit has spooked markets at a crucial time for the country’s banks. -
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Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports.
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Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.
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Italian multi-utility Iren highlighted the improving sentiment around Italian corporate bond issuers when it priced a €500m seven year green bond 15bp tighter than where similarly rated peer 2i Rete had printed a non-green deal the previous week.
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Intesa Sanpaolo issued a €1bn senior bond on Thursday as it looked to get ahead of other banks, while its main competitor, UniCredit, considers doing more this year.
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On Thursday Intesa Sanpaolo become the first Italian bank to issue an unsecured bond since April, but it paid up to do so. It has led the way for the country’s banks in terms of issuance this year, having already printed both the first unsecured bond and the first covered bond since the general election.
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Italian companies are enjoying some time in the loan market sun this week, with facilities for Amplifon, Tecnimont and Tages Helios finding solid support from lenders.
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Italy’s Tecnimont has agreed a new syndicated loan package totaling €285m from its domestic banking group, with the engineering contractor cutting 25bp off its debt costs.
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Electricity network operator Terna has sold the first investment grade corporate bond from an Italian issuer since the formation of the country’s new government and was rewarded with an order book that was more than 5.5 times subscribed, demonstrating an investor base that is open to Italy risk once more. Nigel Owen reports.
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Italian electricity network operator Terna sold its first green bond on Monday and was rewarded with an order book that was more than 5.5 times oversubscribed.
