Italy
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Italy brought a rare format to market on Thursday, selling its first syndicated CCTeu floating rate note in over a decade to extend its curve in this format of issuance. -
Credit Suisse’s investment bankers are looking to its top ranks for an injection of belief in the future of the business, following cuts to the bonus pool and defections from those with less patience, writes David Rothnie.
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As much as everyone would like to put the UK's messy divorce from the EU behind them, it remains a very live topic — especially for bankers who don't want to live in Frankfurt.
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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.
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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.
