Europe

KBC showed holdco pricing has not yet reached consensus, as bankers struggled to agree on fair value for the bank’s blowout senior debut this week.

Jaws dropped on equity syndicate desks across London on Thursday evening when Numis Securities, on its own, launched an audacious £688m cleanout block trade in shares of Saga, the UK insurance and holidays group focused on the over-50s.

Despite the difficult start to the year, global financial exchanges have continued to expand their coverage of world markets with new listed products.

A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.

The UK’s Debt Management Office is to sell an extra £2.1bn of Gilts in the year to March 2017, after the government's net cash requirement rose by £2.9bn compared to the forecast published alongside the country's budget a few weeks ago.

Carlyle conducted its second block trade in Applus Services shares on Wednesday night. The industrial testing and inspection company has been a poor bet for investors in its €1.2bn IPO in May 2014. Exposure to the oil and gas industry has cost it 40% of its market value.

Chili, an Italian online video platform, plans to list a €1.875m minibond next week on the Milan-based ExtraMOT Pro exchange.

Hungarian oil and gas company MOL Group rode the coattails of investor demand for European high yield corporates on Thursday to print a €750m seven year below 3%.

Italy’s Fondo Atlante is now operational, having been approved by Italian market regulator Consob and reached the threshold of raising €4bn from its backers. At the same time, the bookbuild has been launched for the IPO of Banca Popolare di Vicenza.

Books reached $8bn for VimpelCom’s holdco note on Wednesday, with the level of support for the deal impressing the lead managers.

Buzzi Unicem, the BB+ rated Italian cement and concrete group, on Wednesday issued €500m of seven year notes with minimal support from high yield funds.

UniCredit published a statement today clarifying certain aspects of its sub-underwriting agreement for the IPO of Banca Popolare di Vicenza with Fondo Atlante, the fund being set up by Italian financial institutions with the encouragement of the finance ministry.