UniCredit

The case for investing in Italy’s banks is unlikely to be radically altered by the outcome of the country’s general election on Sunday, March 4, according to some FIG bond buyers.

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

Orders reached €1.6bn for Západoslovenská energetika (ZSE)’s five year note on Monday, marking a subscription rate of five times for Slovakia’s largest distribution operator.

Kernel, the Ukrainian grain and sunflower producer, has signed a $100m pre-export finance facility with a syndicate of European banks.

Deutsche Bank has launched the IPO of DWS, its asset management unit, on the Frankfurt Stock Exchange – a key plank of chief executive John Cryan’s plan to revive the troubled bank's fortunes.

Recaro Holding and Thomas Gruppe both increased Schuldschein transactions from their initial target sizes on Monday, as demand for Schuldschein paper keeps pace.

Rating: Aaa/AAA/AAA

With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer.

The euro SSA market is returning to a more aggressive pace of issuance after a slackening in tempo last week. Two borrowers raised a combined €3bn on Wednesday and another pair are set to print on Thursday.

In stark contrast with a mute high yield bond market, leveraged loan investors were expecting more than €5bn of new deals on Monday, including a $725m-equivalent deal from Swedish trade technology provider Itiviti, which includes a triple-C rated second lien.

Leonardo, the Italian defence company, has agreed a €1.8bn five year revolver 25bp cheaper than the facility it is replacing, making it the latest crossover borrower to negotiate better terms for itself in a refinancing.

Slovakia’s largest distribution operator Západoslovenská energetika (ZSE) has named two banks to arrange a new euro deal of a medium maturity.