Italy
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Intesa Sanpaolo and Landesbank Hessen-Thüringen (Helaba) gave investors the chance to put money into preferred senior paper on Tuesday. Both trades attracted chunky order books and gave away a small new issue premium. -
Shares in Danish renewable energy firm Ørsted and in Salini Impregilo, the Italian construction company, continued to trade well this week, generating strong returns for block investors.
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At its results presentation on Thursday, UniCredit's CEO Jean Pierre Mustier scotched rumours that it was planning to set up a new German holding company and revealed instead plans for a holding company in Italy, designed to make its organisational structure more efficient for regulatory capital and resolution purposes.
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UniCredit’s has chalked up its best quarterly numbers in a decade, its CEO said on Thursday, with the performance of the investment bank lifted by soaring trading revenues. The Italian lender claimed victory on its ‘Transform 2019’ plan, ahead of the launch of a new business strategy early next month.
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UniCredit sold its entire stake in Mediobanca through a €784m block trade on Wednesday night, before announcing its third quarter results on Thursday morning.
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Luxembourg is issuing a euro benchmark bond on Wednesday, for the first time for almost three years, setting out to raise €1.7bn with a zero coupon seven year bond. Other issuers are waiting to pounce if the European Central Bank's quantitative easing resumption creates the right conditions.
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UniCredit’s search for a more efficient corporate structure shows how an incomplete Banking Union is beginning to weigh on pan-European financial institutions.
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Italy won huge backing from investors as it placed its first BTP Italia trade since a poorly received deal in November 2018, which came during the peak of the volatility in the country’s bond market.
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Newlat, the Italian food group, has extended bookbuilding on its IPO until October 24 and has shrunk the deal size, despite reports earlier this week that the deal was covered throughout its initial price range.
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Banco BPM extended the run of recent Italian bank bond supply this week, launching a preferred senior bond. The deal was launched at 200bp over mid-swaps and did not offer a new issue premium to investors, according to a banker on the deal.
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Credito Emiliano continued an Italian bank bond spree on Friday, choosing a quiet day to market a debut non-preferred senior bond. The deal comes one day after Banca del Mezzogiorno priced a social bond.
