Italy
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Autogrill, the Italian food and beverage retailer, has launched a €600m rights issue to position its balance sheet for the re-opening of the economy after the Covid-19 pandemic. -
Italy scored its second 10 year BTP syndication of the year on Tuesday as it took advantage of less volatile market conditions ahead of a crucial European Bank governing council meeting on Thursday. Greece will follow with a syndicated tap of its outstanding 10 year bond on Wednesday.
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Generali launched a takeover bid for fellow Italian insurer Cattolica this week, leading to a sharp rally in the value of the smaller and once beleaguered firm’s tier two bonds.
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Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.
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Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
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Euroclear mistakenly credited investors with interest on one of UniCredit’s legacy capital deals this week, shortly after the Italian bank made a controversial decision to skip the coupon. The asset servicer is in the process of reversing its error.
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Gas and heating components manufacturer SIT Group has sold a €40m private placement to Pricoa, which has margins tied to the Italian company’s sustainability.
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UniCredit will skip a coupon on one of its legacy capital instruments this month, after stating that a net loss in 2020 means it no longer needs to make the payment. Investors were surprised by the decision, which many saw as a U-turn.
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A group of Italian insurance executives have teamed up to launch a new special purpose acquisition company on the Alternative Investment Market of the Borsa Italiana. The €200m IPO is due to close later today.
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The European Central Bank issued several warnings about the banking sector in its Financial Stability Review (FSR) this week, as it drew attention to corporate zombification, a new capital markets exodus and an undesirable tightening in lending standards.
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Nerio Alessandri, the Italian billionaire founder and CEO of Technogym, has reduced his stake in the high-end gym equipment manufacturer via an accelerated bookbuild.
