Barclays
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Shares in UniCredit, Italy’s largest bank, closed 1.7% lower on Thursday after it unveiled the terms for its fully underwritten €13bn recapitalisation late on Wednesday. -
A $1.75bn borrowing for Indian conglomerate Reliance Industries has been opened into general syndication with a 19-strong banking group at the top.
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Deutsche Pfandbriefbank (PBB) eschewed cheap four year financing provided by the European Central Bank (ECB) under its long term refinancing facility to issue a 4.5 year Pfandbrief on Wednesday. The short and rarely issued tenor was easily absorbed and offered almost 52bp more than Bunds, in contrast to a French covered bond issued on Tuesday.
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Fondo de Amortización del Déficit Eléctrico (FADE) was warmly welcomed by capital markets on Tuesday for its first benchmark in 18 months, while Asian Development Bank hit screens looking for its first syndicated euro deal in almost three years. HSH Finanzfonds also raised cash on Tuesday.
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Tekni-Plex, the US packaging maker, launched a repricing request on a €148m term loan due in 2022 this week, holding a lender call on Tuesday.
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Ineos, the energy conglomerate, launched a refinancing and repricing loan deal on Monday afternoon, extending the run of issuers coming back to cut funding costs in the market.
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A few of Europe's smaller borrowers are trying their luck now that the storm of issuance that thronged markets through most of January has abated.
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After a moderate recovery in the value of many UK property stocks since their post-EU referendum slump, Oaktree Capital took the opportunity on Thursday night to sell 10% of Countryside Properties, the UK home builder, for £103.5m.
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Grupo Alfa-owned food company Sigma may finally bring the first Mexican bond deal of 2017 next month. As Donald Trump’s ascendancy to the US presidency engulfs the country in uncertainty, DCM bankers say issuers are calm despite the lack of activity.
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Spain added another entry to its growing book of blockbuster trades this week, using a novel early-bird feature to help drum up demand for its traditional 10 year annual opener. The deal came as Italy’s spread over Spain widened, despite a court ruling that analysts said should be positive for political stability in Italy in the near term.
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A record breaking green bond debut from France rained €7bn of liquidity over an investor base parched of sovereign supply in the format, bringing new promise to the sector. But while other governments will be encouraged into the market, some worry that US president Donald Trump could stunt the market's growth, writes Craig McGlashan.
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