UniCredit

Nexi, the Italian payments company, launched its long-awaited flotation on the Italian stock exchange on Monday — and investors are already eager to take a slice of the listing.

Triple B-rated Cassa Depositi e Prestiti (CDP) and Andalucia hit screens on Monday, with SSA bankers convinced the deals are indicative of the smaller types of trades expected in the week ahead.

The African Development Bank sold a 10 year benchmark in euros on Thursday that bankers said priced through fair value. Land Schleswig-Holstein was also in the market for the same tenor that extended its curve to 2029.

Commercial banks have been flexing their muscles in the Schuldschein market, with three international deals being marketed without a Landesbank in sight.

UniCredit raised €1bn of additional tier one (AT1) capital on Tuesday without paying a premium to its investors. It had been encouraged to open a new deal after the financial institutions bond market jumped in the run-up to a series of votes on Brexit by the UK parliament.

A Munich-based banker at UniCredit has made an internal move from MTNs to the syndicate desk, covering SSAs and covered bonds.

Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.

Achmea, the Dutch insurance holding company, has signed a €1bn sustainability-linked refinancing loan, in what one bank said was the first deal of its kind in the country's insurance sector.

Two Turkish borrowers hit the market on Thursday, following in the wake of a Koç Holding trade earlier in the week and making it Turkey’s busiest week for deals in almost three years.

Conditions in the primary market have been nothing short of remarkable towards the end of February, with cash-rich investors chasing down new issues and letting banks get away without paying premiums. But FIG bankers say that there is one section of the market that is unlikely to be allowed to join in the party: Italy’s second tier banks. Tyler Davies reports.

Trumpf, a family-owned mechanical engineering company headquartered near Stuttgart, has launched a triple-tranche Schuldschein.

PlayTech, the UK-based gambling technology company, announced its second high yield bond issue on Tuesday afternoon, seeking to raise €350m to redeem an out-of-the-money convertible bond issued in 2014. During the roadshow, it confirmed a new contract with UK gaming group GVC, which helped it print tight in a market that was already supportive.