Fixed Income

We act as market maker on the wholesale markets of Government securities issued by the main countries in the Euro Area, as well as on the BondVision and TradeWeb platforms, for Eurozone securities, and on EuroTLX.  
We are specialists in Italian government bonds - BOTs, BTPs, BTPei, CCTs, CCTeu CTZs - and primary dealer on MTS for Italian government bonds, on EuroMTS for European benchmark bonds, and on the German, Greek and EFSF government bond markets.
As a principal dealer in the European interest rate and inflation derivatives market, we offer a wide range of products including caps, floors, swaptions.
We operate in the credit products market through market making activities - OTC and electronic markets - on investment grade, high yield and structured securities, ABS, covered bonds and emerging markets.

Through Market Hub, we offer clients a low-touch brokerage solution to access the Italian Stock Exchange fixed income markets and the main MTFs, either directly or according to the Intesa Sanpaolo Group's Best Execution policy, in a complementary way to our high touch services.  Moreover, through the Market Hub PIT platform, we facilitate access, either on an agency basis or as a direct counterparty, to the main sources of liquidity in the European fixed income market, including the Intesa Sanpaolo's Systematic Internaliser, in order to meet the requirements of the execution desks of Italian and European retail and private banks.

Platform available for clients to perform Centrally Cleared OTC Rates and Credit Derivatives trades margin simulation and portfolio monitoring.

Services

Government Bonds

We are one of the main market makers of Eurozone government bonds, with a particular focus on Italian, Spanish, German, Greek and EFSF/ESM bonds.

Thanks to our high pricing and risk management capabilities, we continuously provide liquidity through both the telephone channel and through quotations on the main electronic trading platforms.

Credit

We provide support to issuers and institutional investors from the moment of the bond placement up to the subsequent market maker and liquidity provider activity on the main electronic platforms of regulated markets, MTFs and OTCs.

The catalogue of products and services offered includes: corporate bonds, financial bonds, high yield bonds, covered bonds, credit derivatives, asset backed securities, collateralised loan obligations, emerging markets issues and certificates. All industrial and rating sectors are constantly monitored.

Loan Trading

We are active in the secondary loan market through the purchase of quotes of syndicated loans, OTC traded. 

In particular, the trading focus is on the European leveraged loans sector, characterised by issuers with above-average debt levels and whose securities traded on the market have a non-investment grade rating.

Emerging Markets

We are active in market making and the sale of bonds issued by emerging countries, both in the hard currencies sub-segment and in the Eurobonds local currencies sub-segment, i.e. international issues of highly rated issuers, but denominated in the currencies of countries.

Rates Derivatives  

Through a highly specialized trading desk active in the major G7 currencies, but also in many secondary currencies, we operate on:

  • linear derivatives: IRS, basis swaps, asset swaps, cross currencies, forward rate agreements
  • volatility products: swaptions, caps/floors, CMS, bond options
  • inflation derivatives: inflation swap units, inflation caps/floors, underlying assets

We are a direct member of Lch Ltd and Eurex Clearing AG for the central clearing of interest rate derivatives, and we provide the service to our institutional clients to comply with regulatory requirements and optimise counterparty risk.

The main strengths of the service are: on-boarding support, portfolio management advisory and a free tool for pre-trade and what-if analysis on guarantee margins.

Access the Intesa Sanpaolo OTC Clearing Platform tool.

Credit Derivatives

Using our internal modelling, structuring and pricing capabilities, we operate on a wide range of standardised and bespoke products.

We have strong expertise in the management of credit instruments, both plain vanilla and exotic. We have strengthened our commercial offer both on tailor-made credit products for private clients (credit linked certificates) and those intended for the retail customers through Epsilon SGR, the Joint Venture with Eurizon Capital SGR.

We are a direct member of Lch SA and ICE Clear Europe for the central clearing of credit derivatives, and we provide the service to our institutional clients to comply with regulatory requirements and optimise counterparty risk.

The main strengths of the service are: on-boarding support, portfolio management advisory and a free tool for pre-trade and what-if analysis on guarantee margins.

Access the Intesa Sanpaolo OTC Clearing Platform tool.