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Italy's Intesa Sanpaolo to increase borrowing in Asian currencies, CFO says

Intesa Sanpaolo SpA plans to increase its issuance of debt, including bonds, in Asia to diversify its funding sources, Bloomberg News reported Feb. 22, citing CFO Stefano Del Punta.

Speaking after Intesa became the first Italian company to issue yen-denominated syndicated bonds, Del Punta said it aims "to become a regular issuer in Asia." Bonds in Asian currencies could eventually make up 15% of the bank's funding pool, he added.

Beginning in 2020, Intesa will need to repay almost €60 billion of cheap funding obtained through ECB programs, Bloomberg noted. It has a €250 billion borrowing program in place for households and businesses.

Intesa placed 46.6 billion Japanese yen of senior bonds in Japan in the week of Feb. 19, due between 2021 and 2033, according to the report.

As of Feb. 22, US$1 was equivalent to 107.03 Japanese yen.