UniCredit

Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.

Carrefour, the French supermarkets group, sold Europe's second corporate bond deal of the week on Tuesday, as the market slowly recovered from the volatility of the previous week. There still remained some nervousness around market conditions, however, so Carrefour had to ensure it offered investors a healthy premium.

A report that UniCredit is considering a merger with Société Générale — which would create a powerful champion in European corporate debt — provoked strong feelings among capital markets specialists on Monday. The story appears to have taken UniCredit’s management by surprise, just after a bruising period for Italy in capital markets. But although some like the idea in principle and others scorn it, none believe a merger at some stage is impossible.

The State of North Rhine-Westphalia (Land NRW) hit screens on Monday to announce a long dated euro benchmark.

Financial institutions are waiting for an all-clear signal in the primary market for unsecured debt, after an Italy-led meltdown cast new issue execution and pricing in doubt this week.

Investors and analysts are assessing Italian banks in light of the fall in their capital ratios resulting from their exposure to sovereign debt.

Hera, the Italian utility, has signed a green revolving credit facility, laying claim to bringing the first such deal from the country, amid a wave of environmentally conscious loans spearheaded by southern Europe.

Bond market havoc following the Italian president’s decision to appoint a technocratic government has shut the euro market for most public sector borrowers. Volatile swap spreads are making issuance near impossible, while an “enormous” flattening in Italy’s curve is of particular concern for that sovereign, said one head of SSA syndicate.

French car company Groupe PSA has amended its €3bn revolving credit facility, stretching out the maturity out by five years.

Italy’s Assicurazioni Generali has added sustainable features to its refinanced revolving credit line, as Italy’s largest insurance firm joins the growing number of borrowers pursuing green loan funding.

Investors have been reducing their exposures to risk in financial markets this week, after Italian president Sergio Mattarella helped to set the country on a course towards fresh elections.

German energy supplier Innogy found the corporate bond market tough going for its latest new issue, despite marketing its deal for two days. However, it did execute the deal in a week that saw two corporate bond deals pulled, and despite an M&A shadow hanging over the company.