Intesa Sanpaolo
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Asset managers Tikehau IM and Emisys have provided a six year €14.2m unitranche bond facility for the acquisition by a group of investors led by LBO Italia of GF SpA, a manufacturer of automated filling machines for the pharmaceutical industry. It is the first time such a debt structure has been used for this type of deal in Italy, people involved said.
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FGA Capital, the car finance arm of Fiat, returned to the bond market on Monday for its third bond of the year.
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The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.
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British cigarette maker Imperial Tobacco has secured financing for its $7.1bn acquisition of brands from Reynolds American, and refinanced its existing revolving credit facilities. -
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Italian defence contractor Finmeccanica has signed a €2.2bn revolving credit facility, €200m smaller than the 2010 facility being refinanced.
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Italian defence contractor Finmeccanica has signed a €2.2bn revolving credit facility, €200m smaller than the 2010 facility being refinanced.
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Scope Ratings, which in April announced its first ratings of European banks based on criteria that de-links bank credit ratings from their sovereigns, said in a report Wednesday that exposure to domestic sovereign debt poses a large credit risk to Italian and Spanish banks, pointing to sovereign exposures at BBVA, Santander, UniCredit and Intesa Sanpaolo.
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Intesa Sanpaolo has signed a €75m agreement with the European Investment Bank to support trade between Greece and Italy.
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With the growth of floating rate note issuance in Europe recently, it is perhaps surprising that RCI Banque, the finance arm of Renault, had not yet joined the trend. But the revival of FRN investors’ appetite, in terms of size, credit quality and maturity, has been fairly recent, making now the right time to bring RCI, bankers said.
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In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.
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A busy week for peripheral bond issuance continues with Intesa Sanpaolo readying a floating rate senior unsecured deal on Thursday.
