UniCredit

Caius Capital said on Monday morning that it would pursue its dispute over the regulatory status of a UniCredit capital instrument, after the European Banking Authority rejected its request to open an investigation.

Electricity network operator Terna has sold the first investment grade corporate bond from an Italian issuer since the formation of the country’s new government and was rewarded with an order book that was more than 5.5 times subscribed, demonstrating an investor base that is open to Italy risk once more. Nigel Owen reports.

The Schuldschein market is back to its active self with over 20 borrowers marketing deals. This is sweet vindication for arrangers, who’ve had to deal with concerns after borrowers Steinhoff and Carillion fell from grace at the end of 2017 and start of 2018.

Italian electricity network operator Terna sold its first green bond on Monday and was rewarded with an order book that was more than 5.5 times oversubscribed.

Austrian machinery maker Andritz has launched a €300m four tranche Schuldschein, with the intention to see if lenders could be lured out along the maturity curve with its five, seven, 7.75 and 10 year tranches.

Three covered bond deals issued by Italian banks in recent days have elicited a mixed reaction from investors, particularly with respect to their value compated to senior unsecured debt.

Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.

MET Group, the Swiss-headquartered but eastern Europe-focused energy company, has signed a €112m term loan, as part of a wider debt funding drive in which it has recently raised soft currency project financing and a euro revolving credit facility.

The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.

Italy’s Atlantia has refinanced an acquisition bridge facility with a €1.75bn five year term loan that was priced well below where the company sold 10 year bonds this time last year.

A German sub-sovereign astonished the SSA market this week, selling a 50 year benchmark to show that, despite the expectations of rising rates in euros, some investors at least are still happy to put money into assets at the ultra-long end. Lewis McLellan reports.

The State of North Rhine-Westphalia has launched its first ever 50 year benchmark, coming to market just as Bank Nederlandse Gemeenten landed at the short end.