Intesa Sanpaolo

Intesa Sanpaolo is set to print the first additional tier one transaction of 2016 after opening the dollar tier two market for European banks last week, while ABN Amro opened the euro bank capital market on Monday.

Investors see equity-linked debt as combining safety with upside in a happy medium. But for issuers, the product is offering happy extremes: super-high premiums, ultra-low coupons and even no equity risk. Jon Hay reports.

Hong Kong-listed China SCE Property has completed a $400m fundraising via four mandated lead arrangers and bookrunners.

Italy could soon ban banks from selling subordinated debt to retail investors, heaping pressure on funding costs and potentially eliminating a large portion of the industry’s investor base. Tyler Davies reports.

Italian oil drilling company Saipem has revealed its bank group following the company's debut loan syndication.

Intesa Sanpaolo issued a €1.25bn 10 year covered bond on Wednesday, a transaction that did not initially seem to be an obvious trade, but which in the end proved very successful.

Russian fertiliser producer EuroChem has signed a €200m club loan through its European subsidiary to cut costs, but the deal still carries Russian risk, bankers say.

Two of Italy's 12 largest banks are below their capital requirements, according to the European Central Bank’s supervisory review and evaluation process (SREP).

The resolution of four small Italian banks has trimmed several basis points off the common equity tier one capital ratios of Intesa Sanpaolo, UBI Banca and UniCredit.

The versatility of equity-linked debt in today’s hot market was in evidence again on Monday, when the City of Turin used the product for the first time to raise €150m of five year debt against its stake in Iren, the Italian multi-utility group.

Anheuser-Busch InBev, the Belgian-Brazilian brewer, mandated a group of 21 banks to provide its $75bn loan facility, but there was no coordinator as AB InBev took an active role in arranging the transaction.

FCA Bank, the financing joint venture of Fiat Chrysler and Crédit Agricole, issued a €500m no-grow bond today.