A new wave is coming bank bonds. After the more than four billion euros issued at the beginning of the year, the Italian institutions took a break for the approval of the accounts, but, according to what MF writes, contacts have already begun with investment banks to launch new bonds in the second half of February. Again the total amount should be around around four billion euros, half of which in Tier 2 and additional Tier 1 bonds.
In recent weeks, the first major Italian bank to return to the bond market was Intesa Sanpaolo, which issued a £10 million 350-year senior preferred bond yielding 180 basis points on the December 2030 Gilt.
Unicredit instead, it launched a 1,25 billion subordinated bond, a non-preferred senior bond of the same amount, with a six-year maturity callable after 5 years (yield of 135 basis points above the swap rate), and a non-preferred senior bond 10 years for 750 million (165 points over the swap rate).
Da Where's Banca then came an additional tier 1 for an amount of 400 million with a coupon of 5,9%. He also resorted to the same subordinated instrument Bpm bank, again for 400 million.
In the coming weeks these same institutions could return to the market with new bonds, but this time it is possible that they will be accompanied by them even smaller banks, given the continued favorable conditions on the market.
