Italy
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UniCredit underscored weaknesses in its balance sheet and capital position on Monday, issuing investors with another series of warnings ahead of its planned €13bn rights issue. -
Spain added another entry to its growing book of blockbuster trades this week, using a novel early-bird feature to help drum up demand for its traditional 10 year annual opener. The deal came as Italy’s spread over Spain widened, despite a court ruling that analysts said should be positive for political stability in Italy in the near term.
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Italian infrastructure holding company Atlantia followed on from a Wednesday investor call with a benchmark eight year trade on Thursday.
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Banca Monte dei Paschi di Siena issued €7bn of state-guaranteed bonds this week, as the ailing Italian lender looked to sure up its funding position ahead of an expected “precautionary recapitalisation”.
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UniCredit has appointed a new global head of financial institutions group as it looks to bolster the sector’s importance within its corporate and investment banking division.
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US President-elect Donald Trump left market participants dumbfounded by saying that the dollar is too strong just a few days before his inauguration on Friday — a position he won after a campaign promising infrastructure spending and tax cuts. But while Trump’s ability to disrupt markets is likely to be a feature of the next four years, the start of an unwinding of the ‘Trump trade’ could help public sector borrowers bring 10 year deals to a red hot dollar market, writes Craig McGlashan.
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Euro bonds at the 10 year maturity and beyond have proven difficult so far in 2017, but a strong performance from the European Investment Bank may have shown other issuers what it takes to pick up size at long maturities.
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Despite corporate close periods limiting the scope for equity block trades this week, a fistful of sellers came to the market this week, many of them to sell stocks that floated last year.
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Italy on Wednesday produced an almost carbon copy trade of Belgium’s 10 year euro benchmark from earlier this week, printing €6bn as its curve tightened in the background — although with a longer dated bond.
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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.
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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.
