BBVA
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UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.
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Volkswagen Leasing took advantage of the positive tone in the quiet corporate bond market to build a huge order book for its €2.5bn triple-tranche offering. -
European banks remain divided on whether to make their minimum requirements for own funds and eligible liabilities (MREL) public, as the Single Resolution Board presses on with informing financial institutions of their first sets of binding targets.
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Spain, fresh from its success with a 10 year benchmark on Tuesday, is eyeing a return to the long end of the syndicated inflation linker market towards the end of the year.
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Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.
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A pair of borrowers have hit screens for euro benchmarks to be sold during Tuesday’s session, but another nipped in ahead of the rush to price on Monday.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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The tone in Europe’s corporate bond new issue market continued to strengthen on Thursday, as two issuers came to market and achieved strong sales, despite a wider market that worsened during the day.
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Corporate bond issuers enjoyed tighter spreads and strong order books amid an improvement in issuance conditions as they jumped back into the dollar market this week.
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The Basque Government will bring the first real test of investor appetite for Spanish public sector risk since a wave of Italy-led volatility hit the eurozone periphery last week, as it opened proceedings on an inaugural sustainable bond — its first issue of any kind in over two years.
