Intesa Sanpaolo
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The Bank of Italy’s efforts to get Italian banks ready for supervision by the ECB has crushed Intesa’s 2013 P&L, as the bank follows the same strategy as peer UniCredit in taking a huge impairment in the final quarter to clean its balance sheet for the impending asset quality review and stress test double-whammy.
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Intesa Sanpaolo has taken a €6.8bn impairment in its fourth quarter results, following the same strategy as UniCredit in hammering 2013’s P&L to get a clean balance sheet ahead of the stress test and asset quality review double-whammy due later this year.
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One of Italy’s more troubled financial institutions, Banca Monte dei Paschi di Siena, will sell a senior unsecured bond to screaming demand, in yet another illustration of how hunger for yield is not so much opening the door to market access to previously questionable credits; it is rolling out the red carpet and hosting a champagne reception in their honour. -
Crossover credits ArcelorMittal and Fiat took advantage of a strong market to sell five and seven year euro benchmark bonds on Tuesday.
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Rallye, the unrated French holding company that owns 49% of Casino, the French supermarket chain, and 90% of retailer Groupe Go Sport, launched a bond issue today that investors jumped on, relishing its 4% yield. The €300m issue was increased to €500m.
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Italy’s first syndicated inflation-linked bond in nearly three years this week could help Spain enter the linker market for the first time, SSA bankers said this week.
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Italy’s largest bank Intesa Sanpaolo priced its debut dim sum bond on Wednesday. Bankers on the deal say that the issuer could have taken more the final size, but as the issuer was paying a premium over its Euro curve, it closed the deal at Rmb650m ($106m). The issuer also capped European investor orders in pursuit of its aim to build relationships in Asia.
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Italy’s largest bank, Intesa Sanpaolo, had a good response to its debut dim sum this week but restricted European orders as it sought to build an Asian investor base. The borrower also capped the size at Rmb650m ($106m) as it needed to pay a premium over its euro curve.
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Private placements from peripheral European financial institutions will dominate the market in the coming weeks as investors hunt for yield, according to MTN dealers. These banks could steal the spotlight from Nordic financial institutions, which have dominated the market this week.
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Private placements from peripheral European financial institutions will dominate the market in the coming weeks as investors hunt for yield, according to MTN dealers. These banks could steal the spotlight from Nordic financial institutions, which have dominated the market this week.
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Italy’s largest bank Intesa Sanpaolo is making its first foray into the offshore renminbi market, launching a five year bond on Wednesday.
