Intesa Sanpaolo
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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. -
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.
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The identity of the bank arranging a loan to fund the privatisation of Russian oil company Rosneft has loans bankers in Europe baffled, which suggests domestic lenders will provide the funding.
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The 'no' vote in Italy’s referendum on constitutional reform was met on Monday morning with a muted reaction in credit and equity markets but, with profound uncertainty overhanging the political situation and Banca Monte dei Paschi di Siena’s rescue plan, analysts are not optimistic about the performance of the Italian financial sector in the short term.
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German building materials manufacturer HeidelbergCement capped a month of good rating agency news with a blowout order book as it tapped the euro bond market for €1bn on Monday.
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FIG supply could slow to a halt before Thanksgiving this year, as bank issuers grapple with a rapidly shifting backdrop in politics and financial markets.
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Italy’s largest domestic bank, Intesa Sanpaolo, saw non-performing loan inflows slow to the lowest rate ever in the third quarter, though operating margins drooped as the bank paid more to service bad loans.
