UniCredit
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Public sector issuers from the eurozone periphery this week drew big books on deals that later tightened in secondary trading, as expectations that Italy could be added to the long list of European elections this year failed to deter investors. -
Fresenius Medical Care (FMC) — the dialysis specialist 30% owned by healthcare group Fresenius — is looking to refinance loan facilities, a month after Moody’s upgraded the firm to investment grade
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Turkey took €2.5bn of orders for its new euro trade on Wednesday, which bankers said was a strong showing despite the fact that market volatility and Turkey’s involvement in the Qatar crisis meant that the issuer did not print at the tight end of guidance.
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Turkey has returned to the market with a euro trade as it looks to re-engage with investors and refresh its “stale” curve.
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German chemicals firm Evonik is in talks with banks to refinance a €1.75bn revolving credit facility.
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A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year.
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European banks have already made stellar progress in working through their issuance programmes in 2017, shifting emphasis on to those with shortfalls or ‘strategic trades’ left to complete.
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Republic of Turkey has turned to euros for its second trade since its constitutional referendum on April 16, as Yapi Kredi markets a lira denominated Eurobond.
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Delivery Hero, the German online food delivery marketplace, announced its intention to float on Tuesday morning, ending months of speculation about its intention to go public.
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UniCredit mandated banks to arrange its return to the dollar market in tier two this week, as the Italian bank considers a global approach to tackling its regulatory capital requirements.
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Corporate bond issuance in Europe slowed to a trickle on Thursday after a gush of trades on Wednesday, as investors said they were growing increasingly tired of the recently popular execution method of offering a chunky spread at initial price thoughts, only to tighten markedly by final pricing.
