Europe
-
Time is up for the covered bond lemmings. They’ve had it too easy for too long. Gone are the days of pricing a covered bond exactly where your neighbour wished they had printed theirs. Issuers need to be nimble and bankers insightful.
-
UniCredit Bank AG (HVB) proved that investor appetite for duration is returning on Friday when it took a €2.2bn book for its eight year €500m Pfandbrief. Only two other issuers have printed this rare tenor in 2015.
-
Citigroup sold a 4.17% stake in Abengoa’s class ‘B’ shares in an accelerated bookbuild on Thursday night, for €97.6m. -
German Startups Group, the Berlin-based venture capital firm, had been due to finish bookbuilding its IPO on Thursday, but instead extended the sale until Tuesday 21 July.
-
German Startups Group had been due to finish bookbuilding its IPO on Thursday, but instead extended the sale until Tuesday 21 July.
-
International financial new issue supply returned to the Swiss market this week after a lull of more than a month, as ABN Amro and National Australia Bank priced new seven year bonds.
-
-
-
Deutsche Pfandbriefbank, nationalised during the financial crisis, made its stockmarket debut on Thursday and traded up 6.5%, after pricing its IPO on Wednesday evening at the bottom of the range.
-
Italian national airline Alitalia capitalised on an issuance window this week to print its first bond under a new ownership structure, which took effect early this year. The company sold the bond as a private placement, and comes as bankers suggest more corporate borrowers could issue in the format after weeks of sluggish activity in public markets.
-
Rocket Internet, the German internet business group, raised €550m this week with a convertible bond that was criticised by rival bankers, but according to bookrunner JP Morgan was “a super-successful transaction”.
-
A high yield credit trader has left Citi in London and is heading to Barclays.
