Italy
-
Three more IPOs reached successful conclusions on Tuesday and Wednesday, including the largest in Poland for over two years. -
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.
-
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.
-
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.
-
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.
-
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.
-
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”.
-
UniCredit has named Andrea Maffezzoni head of strategy and M&A, a role formerly occupied by Marina Natale.
-
Crédit Agricole Cariparma priced the first Obbligazioni Bancarie Garantite of the year on Tuesday, with the two part long-dated transaction attracting demand of almost €3bn and printing at a record spread through BTPs.
-
Crédit Agricole Cariparma is expected to issue the first Italian covered bond of the year after it mandated leads for an eight and 12 year which is likely to be launched on Tuesday. The offering takes advantage of technically squeezed market conditions exacerbated by the lack of peripheral European supply.
-
The revival of banks using securitization to free up regulatory capital could open new possibilities for accelerating the financing of a greener economy, as a ground-breaking deal demonstrated this week, write Jon Hay and David Bell.
-
