Italy
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The thaw in Western equity investors' and banks' sentiment towards Russia continued this week as Detsky Mir, the toy retailer, announced plans for the first Russian IPO of 2017, to be led by an array of bulge bracket investment banks. -
Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.
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Portugal found the best possible medicine to a rising fever in its bond yields by building a large order book on Wednesday for its first syndication of 2017. Attention now turns to Italy, which faces a crucial rating review by DBRS on Friday.
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Equity-linked issuance in Europe burst into life on Thursday with the sale of a €500m bond for Prysmian Cables & Systems and the first Japanese CB of any size since September. Then on Thursday evening Immofinanz launched another deal. The clutch of deals suggests the market is wide open for issuers.
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Italy took two steps forward in fixing its embattled banking system on Thursday, as UniCredit won shareholder approval for its €13bn rights issue, while UBI Banca shares surged on the news that it will seek to raise €400m to support a takeover of three retail banks bailed out in 2015.
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The week's heavy pace of investment grade corporate bond supply extended into Thursday, as lower rated issuers dominated deal flow and crossover names thrived.
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UniCredit said on Thursday that complications around the bank’s planned €13bn capital increase could jeopardise its ability to pay additional tier one (AT1) coupons.
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Intesa SanPaolo was looking to sell a seven year bond on Wednesday, following a spate of successful shorter dated vanilla senior issues.
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Arle Capital Partners has sold its remaining stake in Technogym, the Italian fitness equipment maker founded by Nerio Alessandri, for €100m, through an accelerated bookbuild that was covered in half an hour.
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Spanish telecoms provider Telefónica hit the euro market on Tuesday for a dual tranche offering that tested the outer limit of investors’ appetite for long tenors.
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Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.
