UniCredit
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The currency crisis in Turkey has prompted analysts to hone in on the balance sheets of European banks, as they look for the first signs of an increase in income volatility following the introduction of the new IFRS 9 accounting standard. -
UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.
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The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far.
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UniCredit is seeking €90m from Caius Capital due to the hedge fund’s actions over the past few months in relation to the convertible and subordinated hybrid equity-linked securities (Cashes).
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French laboratory testing company Eurofins Scientific and Italian tyre company Pirelli have closed Schuldscheine totalling more than €1bn in the past week.
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Italian companies are enjoying some time in the loan market sun this week, with facilities for Amplifon, Tecnimont and Tages Helios finding solid support from lenders.
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Caius Capital will wait until the European Banking Authority has completed a review of legacy capital instruments before proceeding with its case that UniCredit’s convertible and subordinated hybrid equity-linked securities (Cashes) are receiving the wrong regulatory treatment. This is because it believes the Cashes are included in that review, writes Jasper Cox.
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Rewables fund Tages Helios has taken out five credit lines totalling €452.5m from a syndicate of banks to refinance a portfolio of solar plants, as Italian names continue to win capital markets support despite some investors' distaste for the political direction of the country.
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The European Stability Mechanism on Tuesday won huge demand for its first five year euro benchmark since October 2015, showcasing returning investor appetite in the short end of the curve.
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The European Stability Mechanism has appointed leads for its first five year euro benchmark in nearly three years.
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Italy’s Tecnimont has agreed a new syndicated loan package totaling €285m from its domestic banking group, with the engineering contractor cutting 25bp off its debt costs.
