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Bond Market News
Intesa’s Shareholders Approve Equity Issuance
September 11, 2026
Intesa Sanpaolo’s shareholders have approved the issuance of new shares to finance its €35.4bn ($41.2bn) takeover bid for Banca Monte dei Paschi di Siena (BMPS). This comes after BMPS had said in July that Intesa Sanpaolo’s unsolicited €30.6bn ($34.9bn) takeover bid was undervalued. Investors approved the issuance of up to 5.7bn of new shares at an extraordinary general meeting. The bank’s board will now determine the final size of the capital increase, issue price and other terms. BMPS is also weighing a possible takeover of Banco BPM as an alternative to fight off Intesa’s hostile bid. Last month, Italy’s Treasury had decided not to sell its remaining 4.8% stake in BMPS until the ongoing M&A battle for the bank is resolved.
Bonds of both Intesa and BMPS traded slightly lower. For instance, Intesa’s EUR 5.5% Perp was at 101.15, yielding 4.67%. BMPS’s EUR 3.25% 2032s were at 96.76, yielding 3.97%.
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– Ritish G
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