UniCredit
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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. -
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.
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Capital markets in Italy were plunged into an inferno of uncertainty this week, as investors appeared to lose confidence in the country’s economy and banks following the government’s release of its proposed budget, write Sam Kerr and Jasper Cox. Banks and companies looking to raise equity or debt face a tricky time.
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Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.
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Romania hit screens on Thursday morning for its second dual tranche euro benchmark of the year.
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Warner Music and Playtech announced new bond offerings with a combined €730m volume on Monday, less than the latest weekly inflows for high yield retail funds. But Bilfinger pulled its deal.
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Italy’s announcement that it plans to overshoot the European Commission’s budget deficit limit has spooked markets at a crucial time for the country’s banks.
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UniCredit CIB announced six appointments in its Paris office, with Laurence Fraissinet-Dubois becoming deputy country manager, as well as a senior banker covering major French corporates, and Florent Ciecka made a senior relationship manager.
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ADO Properties is seeking to raise Schuldschein debt, a month after shelving a eight year public bond after a high profile bribery case in Israel implicated its chairman.
