Italy
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Unione di Banche Italiane (UBI) successfully joined a run of tier two issuance from peripheral banks on Wednesday, though the deal’s healthy premium suggested there was still caution around Italian financial institutions in the market. -
Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP.
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Necta & Wittenborg Global Vending (N&W), the Italo-German maker of vending machines owned by private equity firm Lone Star, privately tapped its 2023 secured notes this week to fund the acquisition of peer Saeco.
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Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.
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Italy has mandated banks for its second syndication of the year, after a month in which its spread to closest peer Spain has tightened.
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Another piece in the pre-Easter IPO jigsaw was revealed on Friday morning when UniEuro, the Italian retailer of consumer electronics and appliances, began investor education for its IPO on Borsa Italiana.
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Cassa Depositi e Prestiti has sold €300m and €150m notes late in February, despite dealers reporting an overall lack of MTNs in the market.
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UniCredit, the largest bank in Italy, has formally finished its €13bn rights issue after selling the unexercised rights on the market for €15m.
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A big step in restoring Italy's banking sector to health was taken successfully this week, when the fifth biggest EMEA equity sale ever raised €13bn for UniCredit.
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Ailing Italian duo Veneto Banca and Banca Popolare di Vicenza both sold senior bonds with controversial state guarantees this week. But Veneto’s deal was described as having gone “better than Vicenza’s”.
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Companies were able to tighten pricing on euro deals this week, as investors said they expected the corporate market to keep shrugging off the political headline risks in Europe that have prompted widening in some government bonds.
