Italy
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Two of Italy's 12 largest banks are below their capital requirements, according to the European Central Bank’s supervisory review and evaluation process (SREP). -
SEB Germany offered the lowest ever yield for a primary covered bond when it issued a three year public sector Pfandbrief on Tuesday. But some sort of positive return was necessary, even if it was minuscule.
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The European corporate bond market let its traditional reverence for Thanksgiving lapse, printing two deals during the US public holiday on Thursday.
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Italy added to a week of record low auction yields for the eurozone periphery on Thursday — and more could be on the way as the sovereign lines up to sell longer dated debt on Friday.
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Exor, the BBB+ rated, listed holding company controlled by the Agnelli family, issued a benchmark seven year bond on Thursday.
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Crédit Mutuel-CIC (CM-CIC) and Banca Popolare di Milano (BPIM) issued 10 year covered bonds into relatively weak market conditions on Wednesday. Because of its larger size and tighter spread the French deal was probably the frailer of the two, and while both issuers met their funding targets in terms of size and spread, neither proved particularly popular.
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A careful build up helped Veneto Banca raise €200m in tier two debt on Tuesday, as the bank looks to improve its capital position ahead of a share sale in 2016.
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CVC Capital Partners sold its last shares in Cerved, the Italian rating agency and credit information provider, on Monday night, in a block trade led by JP Morgan.
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The Italian bank has mandated leads for a 10 year benchmark and its second deal this year.
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The resolution of four small Italian banks has trimmed several basis points off the common equity tier one capital ratios of Intesa Sanpaolo, UBI Banca and UniCredit.
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The versatility of equity-linked debt in today’s hot market was in evidence again on Monday, when the City of Turin used the product for the first time to raise €150m of five year debt against its stake in Iren, the Italian multi-utility group.
