Italy
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Veneto Banca’s IPO bookbuild will begin on June 8, but hopes of it achieving its flotation in Milan are dim. “At the bottom of the price range, there are cheaper Italian banks,” said one banker on the deal, encapsulating the problem. -
European Council president Donald Tusk this week told European Union leaders their “utopian” illusions were tearing Europe apart. They may end up doing the same to its banking sector.
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Banca Popolare di Milano and Banco Sabadell issued covered bonds which, despite their negligible new issue concessions, met with exceptionally strong demand.
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Italian construction firm CMC di Ravenna has launched a €150m credit facility in a levfin market where loans have the upper hand.
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Assicurazioni Generali launched its second 32 non-call 12 year tier two in just over six months on Tuesday, adding to a surge in issuance from European insurers.
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UniCredit took advantage of a strong rally in subordinated paper to raise €750m of new tier two funding on Thursday, despite being on the lookout for a new chief executive and a new capital strategy.
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UniCredit took advantage of a strong rally in subordinated paper to raise €750m of new tier two funding on Thursday, despite being on the lookout for a new chief executive and a new capital strategy.
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Banca Carige may follow the example of Portugal’s Montepio, which on Friday said it would restructure its covered bond programme to a conditional pass-through (CPT), resulting in a three notch upgrade. The Italian bank’s bonds were junked by Fitch on Thursday, and with access to primary markets at risk, it may copy Monte dei Paschi Siena which switched to a CPT last year.
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Italy sold a super rare short-dated syndication this week, but a debut 50 year benchmark — a growing trend for sovereigns this year — looks to be some way off.
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