UniCredit
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A decision by Landesbank Hessen-Thueringen Girozentrale (Helaba) to issue a rare three year covered bond as part of a two part offering, paid off and put its covered bond offering head and shoulder above other deals issued this week by BayernLB, HVB and UniCredit Bank Austria.
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The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals. -
Telecom Italia attracted €4.5bn of orders on Tuesday, which was no mean feat, having to contend with a €4bn four-tranche Orange deal in the market on the same day, but also the uncertainty surrounding the Italian government and its budget hanging over the country’s economy. This, combined with the company’s Ba1/BB+/BBB- ratings, meant it had to offer what research house CreditSights saw as a 90bp premium to its secondary curve for the new 5.25 year deal.
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Yapi Kredi sold the first ever public additional tier one (AT1) bond from Turkey on Wednesday, which leads said would act as a benchmark for future issuers from the country despite the deal having been largely sold to the borrower’s shareholders.
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Small benchmark covered bond deals issued on Wednesday by Deutsche Bank’s Spanish subsidiary and UniCredit’s Austrian subsidiary were slow to build and priced in line with initial guidance. This led some to question whether this was due to a degree of unease with their parent groups or whether investors baulked at the pricing process.
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Danske Bank offered its senior non-preferred bond to dollar investors on Wednesday, after UniCredit raised $3bn in the format the day before.
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Yapi Kredi, the Turkish bank, has set the pricing for its additional tier one bond though eschewing a “traditional bookbuild process”.
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UniCredit has hired Audrey Sebban as head of debt capital markets, FIG and SSA for France, the bank said on Tuesday.
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UniCredit came to the dollar market on Tuesday, looking to sell a public senior non-preferred bond after its large private placement a few months ago. The bank was thought to be offering a large premium.
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Bankers have confirmed that Qatar National Bank has entered the second phase of syndication to refinance an existing €2.25bn facility due for maturity in May 2019.
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First it was a pair of car finance issuers. Then came a pair of utilities. And on Tuesday it was a pair of telecoms companies that came to the corporate bond market. But the latest couple really got investors revved up with more than €16.5bn of orders placed.
