Italy
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Mediobanca took advantage of robust market conditions, the limited funding window left this year and the growing possibility of peripheral rates volatility next year to issue a €750m 12 year covered bond at a considerably lower level than BTPs. -
The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.
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Banca Carige, the Genoese bank, is struggling to save its recapitalisation plan, after failing on Thursday to launch its expected €560m rights issue, leaving its future in doubt. With several Italian and Spanish banks having collapsed in the past few years, market participants will be watching this latest test of Europe’s systems for dealing with faltering banks, write Jon Hay, Sam Kerr and Tyler Davies.
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The De’Longhi family, founders of the Italian maker of coffee machines and kitchen appliances, sold a block of shares in the company on Tuesday night, for the first time since 2012. The shares fell 13% on Wednesday.
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Three issuers launched social bonds on the same day on Tuesday, which is likely a first for the SSA market. They raised a combined €1.5bn across five, seven and 10 years, with two of the deals managing to make dramatic moves in pricing thanks to what one banker called "superb conditions".
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The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.
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If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.
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Bonds issued by Italy’s most prominent banks surged in value on Wednesday, after S&P upgraded the credit ratings of 11 of the country’s financial institutions.
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Italian oil and gas engineering group Saipam printed its second issue of high yield bonds this year on October 27, as the market kept its momentum for top speculative grade rated borrowers.
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A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party.
