UniCredit
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Douglas is expected to achieve a multiple of 6.1-6.3 times its 2024 Ebitda
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Issuer last brought a green bond in 2022 but has been active via taps
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Exor is underwriting the entire capital increase
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Sub-sovereign continues to chip away at its €9.6bn annual programme
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◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL
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German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo
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Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week
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WIBank set to add to issuance with 10 year print
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Starving investors of exposure to it should mean that the bank can lower the cost of its next new issue
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The sector’s tight valuation versus the likes of KfW is capping demand
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◆ French bank goes beyond recent 10 year senior, covered deals ◆ UniCredit pushes pricing in SNP with 5bp NIP ◆ Market open for all as infrequent borrowers also lure big orders
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◆ Vast interest for FIG debt capital as investors make €15bn of orders ◆ Periphery tier one and two deals prove very popular ◆ Arkéa struggles to attract interest and pulls 12 year tier two