Europe

Holders of a highly scrutinised UniCredit capital instrument hold a very small proportion of the bank’s equity, according to a source familiar with the matter. This could mean they are more likely to follow the recommendation of activist investor Caius Capital and push for the bank to exchange the notes.

No new IPOs are likely to be launched before the equity markets slow for the summer. There is still some block sales business to do, although sentiment in that market remains severely bruised.

Borrowers in the European leveraged finance markets seem to be keen to bring deals before investors' mood sours much further.

European corporate bond markets enjoyed one of the busiest weeks of the year last week, but global economic factors mean investors are far from ready to buy everything in sight just yet.

SC Lowy co-founder and CEO Michel Löwy talks to GlobalCapital about developing a DCM business, Italy and entrepreneurship.

Factors internal and external to the emerging markets are this week combining to stymie new issuance.

The European leveraged loan market is starting to look a lot like it did in May, with a table full of multi-billion deals and bankers concerned about how much this spike in issuance could play into investors’ hands.

France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.

Republika Srpska, an autonomous entity in Bosnia and Herzegovina, has printed its five year Eurobond, but the final size has fallen short of the hoped for €200m.

Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.

In an age where the triumph of populism has shown that communication trumps all else in politics, it’s strange that the Italian iteration of this trend is struggling with something that couldn’t be clearer — its sovereign debt auction schedule.

Akasol, the German battery maker, has narrowed the range on its €100m Frankfurt flotation a day before closing the books.