Italy
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Shares in Gestamp Automoción and Banca Farmafactoring, which had performed poorly on their first day of trading after their IPOs on Friday April 7, steadied this week, providing relief to equity capital markets bankers anxious to avoid poorly performing deals putting off investors.
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Intesa Sanpaolo issued a €1.5bn five year floating rate note on Monday following a successful deal in the format for BBVA last week and also paid close to no new issue premium. -
Fears about poor asset quality are still prominent in Italy, but recent progress towards recapitalising the banking sector could have a big impact in helping Italian financial institutions make better use of international capital markets, writes Tyler Davies.
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UniCredit raised $2bn of senior debt in its first global bond offering for several years, fuelled by stronger sentiment following its €13bn rights issue.
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Three more IPOs reached successful conclusions on Tuesday and Wednesday, including the largest in Poland for over two years.
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The European Central Bank has found ailing Italian duo Banca Popolare di Vicenza and Veneto Banca eligible for ‘precautionary recapitalisations’, shedding further light on the necessary requirements to access public funds and causing a surge in the value of the banks’ senior bonds.
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Fears of Marine Le Pen winning this year’s French presidential election may have receded but investors should be hoping that her loss will be to frontrunner Emmanuel Macron — and not to former favourite François Fillon.
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European policymakers are now waking up to the need for a European solution to non-performing loans, prompted by a push from the European Banking Authority to create a European-wide state-backed asset management company. But the right time for this solution was half a decade ago.
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Two European IPOs reached conclusions on Friday, March 31. That of Ambea was heavily oversubscribed, while UniEuro's had to be shrunk and restructured to get it over the line.
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Saipem, the Italian oil and gas engineering group, entered the high yield bond market on Wednesday, backed by a return to profit and rising oil prices, in a deal set to attract the company’s home crowd.
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Banca Popolare di Vicenza was looking to minimise the threat of litigation claims from its shareholders on Tuesday, as three struggling Italian banks await decisions from European authorities regarding their requests for “precautionary recapitalisations”.
