UniCredit

The confusion over UniCredit’s Cashes notes is not a one-off. Uncertainty over regulatory capital eligibility affects the biggest banks in Europe, and it is unlikely to go away soon.

Hedge fund Caius Capital caused a stir this week with its assertion that a swathe of UniCredit’s capital is receiving the wrong regulatory treatment. The bank resoundingly denied it was in trouble, but the dispute has shone a light on the unclear complexity of the treatment of legacy instruments.

Hedge fund Caius Capital has written to the European Banking Authority claiming that a legacy equity-linked instrument issued by UniCredit counts incorrectly as regulatory capital. The fund believes this makes the bank’s ordinary shares ineligible as capital too.

Vonovia, the largest residential property company in Germany, raised €1bn on Thursday night to finance its proposed acquisition of Victoria Park, the Swedish property company.

German car company Daimler raced from one side of the Atlantic to the other this week to raise €6.7 equivalent from 10 tranches of bonds with tenors from two to 10 years.

On Thursday, German car manufacturer Daimler made its second visit to the corporate bond market with a €2.25bn dual tranche offering. This followed a $4bn seven tranche issue on Monday.

Supranationals are making the most of demand in Romanian lei, picking up short dated funding in the currency.

Puma Energy has closed a $1.37bn syndicated loan, with commitments from 48 banks helping the company boost its fundraising.

Metinvest, the Ukrainian metals and mining company, has refinanced the bulk of its pre-export finance (PXF) facility through the loan market, though some of its lenders have switched out of the loan to buy its concurrently issued bonds.

Gruppo EF Solare Italia, Italy's leading photovoltaic solar energy company, has signed a €1bn project finance loan to refinance its debt after rapid growth through acquisitions.

Sok Marketler, the Turkish discount grocer, has set the range on its Istanbul IPO, valuing it at Tl6.9bn (1.7bn) to Tl8.3bn ($2.05bn).

German car leasing company Sixt Leasing had the benefit of meeting more than 30 investors and seeing another car leasing company print a deal before coming to market on Tuesday. However, based on order book size and pricing, this backdrop didn't help much.