Europe

UBS Group Funding

Senvion, the German wind turbine maker, has become the first of this year’s second wave of IPO candidates, announcing on Monday this week its intention to float in Frankfurt.

Saipem, the Italian oil and gas engineering group, failed to sell all of its €3.5bn rights issue to shareholders by last Friday, in an ominous sign for other commodities firms that may still need to raise fresh capital.

The Republic of Slovenia printed a €1.5bn 16 year bond on Thursday from a book of €1.75bn and achieved its aim of building out the longer part of its curve.

Even though the Swiss franc/dollar cross currency swap has been trading in negative territory through January and February, Amgen, the US biotechnology company, made an impressive debut in Swiss francs this week with a seven year bond, the largest in the currency this year.

Unédic joined a mini resurgence in the 10 year part of the euro curve with the third new issue in the tenor in two weeks, following a one month dearth of supply.

Deutsche Bank tendered less than half the total bonds on offer in a euro senior repurchase offer on Tuesday, buying back the paper at spreads through secondary levels, as it sought to lower its debt burden and suppress any fears about its balance sheet.

Portugal has bought back three government bonds during a volatile week for the sovereign in which it announced it would increase its issuance target for the year.

Property firm Derwent London has issued a £105m US private placement, its first since 2013. Three institutional investors, all of whom are new to the relationship, bought the notes.

The Schuldschein market has just completed what could be its second largest ever deal — for around €1.6bn — in an especially private transaction for Aldi’s Austrian subsidiary, Hofer.

Slovenia has firmed price guidance for a euro 16 year benchmark to 147bp over mid-swaps, a level that syndicate officials away from the deal said represents a double digit new issue premium.

UBS launched the first euro senior holdco deal of the year on Thursday and despite the trade’s strong reception and competitive pricing, bankers remain divided over whether more can follow.