UniCredit
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers. -
A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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German supermarket group REWE International has become the first company to launch a Schuldschein deal at benchmark size this year, a sign that German blue chips may be busy in the market this year.
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Two CEEMEA corporates hit the road this week to gauge investor interest for dollar bonds — Turkish petrochemical manufacturer Petkim Petrokimya Holding (Petkim) and Russian phosphate fertiliser company PhosAgro .
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The European Investment Bank put the strength of the appetite for duration in the euro market to the test on Thursday, becoming the first borrower of the year to attack the ultra long end of the curve.
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UniCredit has become the first Italian bank to sell a non-preferred senior bond, clearing the path for further issuance out of the country.
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The euro market is providing SSA borrowers with ever more impressive execution — the European Financial Stability Facility (EFSF) pulled off the largest supranational or agency deal of the year on Wednesday — but it faces a fresh challenge on Thursday: ultra long debt.
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German retail group REWE International has become the first company to launch a Schuldschein at benchmark size this year, a sign that German blue chips may be active in the market this year.
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On Wednesday French toll road operator Autoroutes du Sud de la France followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year new issue. Meanwhile Italian auto finance bank FCA Bank was also in the market with its first benchmark floating rate note.
