UniCredit
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Given the success of the corporate bond market's opening deals of the year, it was perhaps surprising that only one issuer came to market on Thursday, but Daimler achieved similar success to the RCI Banque Wednesday deal that it copied. -
2017 saw some serious capital raising by European banks. Four European globally systemic banks, in four monster rights issues, raised more than €30bn — partly to deal with non-performing loans and partly to reclaim their places in global investment banking and capital markets. Even banks that did not turn to the equity markets sought to conserve capital — but is 2018 the year when belts will start to be loosened again? Owen Sanderson reports.
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UniCredit has hired a senior Crédit Agricole banker as head of markets sales.
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Investment grade corporate bond market players only had to wait one day for the first new deals of 2018. Renault and BMW both brought new paper to market on Wednesday, selling a total of €2.75bn of bonds with little premium.
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Italian banks are expected to begin issuing non-preferred senior bonds for the first time, after the country’s parliament approved a package of reforms as part of its latest budget law.
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UniCredit was able to sell a new additional tier one (AT1) at close to fair value this week, after updating the market about its progress with its strategic plan at a conference in London.
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UniCredit followed up on its capital markets day by announcing the sale of a new additional tier one (AT1) bond on Wednesday.
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The European Central Bank has lowered UniCredit’s Pillar 2 capital requirements by 50bp, recognising the Italian lender’s latest efforts to clean up its balance sheet.
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Austrian oil and gas company OMV discovered on Thursday that investors are far from finished with the investment grade corporate bond market in 2017. The strength of demand for its new nine year deal resulted in the company printing its largest ever bond.
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Deutsche Post DHL Group secured excellent terms on Wednesday when it issued a €1bn convertible bond at a negative yield, despite investors having been distracted by a collapse in the share and bond prices of equity-linked regular Steinhoff International on the same day.
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Investor support for leveraged loan deals where the issuer is only seeking to cut margins remains so strong that some borrowers, such as French real estate group Foncia, may do it twice this year.
