Intesa Sanpaolo
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Many international banks have yet to hear from Intesa Sanpaolo, more than a month after it announced plans to syndicate its €5.2bn loan to Qatar Investment Authority and Glencore for the takeover of a 19.5% stake in Rosneft, the Russian oil company. -
An Intesa spokesperson confirmed to GlobalCapital that the bank was in talks with 14 banks about syndicating its €5.2bn loan to finance the takeover of a 19.5% stake in Rosneft by the Qatar Investment Authority (QIA) and Glencore.
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Italy on Wednesday produced an almost carbon copy trade of Belgium’s 10 year euro benchmark from earlier this week, printing €6bn as its curve tightened in the background — although with a longer dated bond.
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Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.
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The week's heavy pace of investment grade corporate bond supply extended into Thursday, as lower rated issuers dominated deal flow and crossover names thrived.
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Intesa SanPaolo was looking to sell a seven year bond on Wednesday, following a spate of successful shorter dated vanilla senior issues.
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Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.
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Intesa SanPaolo and Santander found attractive pricing as they kick-started the bank capital market in euros this week, and bankers are forecasting a busy January before financial institutions drop into blackout periods.
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Intesa Sanpaolo is seeking other banks to join the €5.2bn loan it has fully underwritten to support Glencore and the Qatar Investment Authority in their acquisition of a stake in Rosneft, the Russian oil company.
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High volumes of issuance have boosted confidence in FIG primary market conditions at the start of 2017, with bankers expecting flows to remain high until banks start going into blackout later this month.
