UniCredit
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Italy will give investors the chance to swap out of its earliest maturing BTP Italia for longer dated nominal bonds on Thursday as it attempts to reduce the size of the €20.5bn issue. The deal comes amid a calmer backdrop for BTP yields than over the last few months — a factor that helped determine the timing of the exchange, said one of the leads. -
Bank Nederlandse Gemeenten and KfW mandated banks on Tuesday for euro issues at opposite ends of the curve.
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Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.
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Masdar, a Middle Eastern renewable energy company headquartered in the United Arab Emirates, has launched the region’s first green revolving credit facility, in a bid to fulfil sustainability goals and investments into clean technology.
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The European Stability Mechanism completed over 50% of its funding target for the fourth quarter on Tuesday with its first three year euro benchmark since 2015.
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The European high yield market appeared unfazed by the spike in Italian risk despite its heavy exposure, with calm secondary trading and Italian names daring to roadshow for new bonds.
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German car manufacturer Volkswagen livened up investors’ Tuesday with a new triple-tranche deal.
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A senior fixed income syndicate banker at UniCredit has retired, GlobalCapital understands. Bankers at rival firms hailed him as “a true original and a character”.
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Leveraged buyouts are making a comeback in the European high yield market in October, with the new €1.3bn note for CVC’s acquisition of Italian pharmaceutical firm Recordati the latest example.
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Romania was able to cut the spreads on both tranches of its euro benchmark on Thursday.
