UniCredit
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UniCredit reported a profit jump of 40% in the first quarter, up to €907m. But the bank’s investors will have taken most heart from the firm’s 28% cut in its non-performing exposures from last year, reflecting chief executive Jean-Pierre Mustier’s swift start on restructuring the bank. -
Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.
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Dutch biotechnology firm Qiagen has launched a tightly priced €150m dual currency Schuldschein, with investors treating the Germany-headquartered firm as a domestic issuer.
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Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.
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The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.
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Dutch biotechnology firm Qiagen has launched a tightly priced €150m dual currency Schuldschein, as investors treat it as a German issuer.
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Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.
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Hospital operator Ameos has scheduled a bank meeting for Wednesday morning for a €510m loan refinancing, as banks scramble for deals.
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Anglo-Swiss commodity trading and mining company Glencore closed a $7.3bn one year revolving credit line on Wednesday.
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Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.
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The European Financial Stability Facility on Tuesday priced a dual tranche deal that bankers are describing as possibly its greatest ever, laying to rest some of its other long dated trades this year that drew criticism. A pair of other issuers have also hit screens in a euro market enjoying what one syndicate head called “probably the best conditions we’ve seen in months”.
