Peripheral sub debt returns

摘要

Intesa Sanpaolo and Santander seized on thriving issuance conditions to sell Southern Europe's first broadly syndicated subordinated bonds since May 2016, signalling a change in fortunes for the region's lenders. The banks reopened the euro Additional Tier 1 and Tier 2 markets respectively, a turnaround after benchmark supply evaporated in the second half of last year as challenging conditions and unappealing pricing kept mandates on the shelf.