UBS

Shares in UniCredit, Italy’s largest bank, closed 1.7% lower on Thursday after it unveiled the terms for its fully underwritten €13bn recapitalisation late on Wednesday.

A strong fourth quarter put a cap on a year in which UBS's investment banking model was severely tested, writes David Rothnie

Aduno, the non-cash payments firm owned by Swiss banks, sold a rare Sfr100m ($100.78m) floating rate note on Tuesday. As the Swiss National Bank’s (SNB’s) deposit rates are at minus 0.75%, the Zurich-based firm could capitalise on money market investors’ need to work cash rather than store it.

Tuesday night brought fireworks in the blocks market, with a wave of primary and secondary offerings, including a Sfr865m acquisition financing by a Swiss pharmaceutical.

Power company Gulf Group has appointed a consortium of domestic and foreign firms to run its planned listing on the Stock Exchange of Thailand (SET) this year.

Philippine lender BDO Unibank has sealed a rights issue worth Ps60bn ($1.2bn) in the largest ECM transaction in the country in nearly four years.

Lonza, the Swiss pharmaceuticals company, completed a 9.4% capital increase through a Sfr865m accelerated bookbuild on Tuesday night led by UBS and Bank of America Merrill Lynch, the first step in a two-pronged move to raise Sfr3.3bn for an acquisition.

Crédit Mutuel CIC on Tuesday became the first French covered bond borrower to begin and finish pricing at a spread that was markedly through OATs in this part of the curve, but the deal was a smaller size than expected.

Shares in TLG Immobilien, the German real estate company, fell 1.6% on Tuesday morning after it completed a 10% capital increase on Monday night to finance the acquisition of more retail and office properties in Germany.

SGS, the A3 rated testing and inspection company, offered a nine year bond to a Swiss market in search of corporate paper this week. Books were open for just 45 minutes before the Sfr375m ($378m) maximum mandated size was reached.

Deutsche Bank’s tough stance on compensation echoes earlier moves by rivals, but it doesn’t solve the talent crisis at big banks, writes David Rothnie.

Detsky Mir, the Russian toy retailer, has announced the price range for its Moscow IPO, which could value the business at up to Rb77.6bn ($1.3bn).