UniCredit

The State of North Rhine-Westphalia is set to bring its longest ever euro benchmark, as public sector borrowers line up trades across the currency’s curve.

European banks remain divided on whether to make their minimum requirements for own funds and eligible liabilities (MREL) public, as the Single Resolution Board presses on with informing financial institutions of their first sets of binding targets.

Two German issuers sold corporate bonds on Tuesday and on Thursday, mobile phone operator O2 Telefónica Deutschland made it a German treble the following day.

Two German issuers sold corporate bonds on Tuesday and, after a day many Germans may want to forget on Wednesday, mobile phone operator O2 Telefónica Deutschland made it a German treble the following day.

Italian tyre company Pirelli has launched a Schuldschein after a six year absence from the market. This is a clear illustration, Schuldschein market participants said, of the resilience of the product, versus the shakier backdrop of public bonds.

Holders of a highly scrutinised UniCredit capital instrument hold a very small proportion of the bank’s equity, according to a source familiar with the matter. This could mean they are more likely to follow the recommendation of activist investor Caius Capital and push for the bank to exchange the notes.

The European leveraged loan market is starting to look a lot like it did in May, with a table full of multi-billion deals and bankers concerned about how much this spike in issuance could play into investors’ hands.

Spanish electricity utility Iberdrola has been one of the leading corporate issuers of green bonds and, on Thursday, it took its total green issuance to more than €7bn with its latest offering.

The Schuldschein market will close the second quarter at a busier pace than it closed the first, as international borrowers begin to return to the market, perhaps spurred by rocky public markets.

It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

Allocations for a €3.025bn acquisition loan from Czech investment fund PPF Group are due in the next few days, according to a lead.