UniCredit
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UniCredit subsidiary, HVB, issued a tightly priced euro Pfandbrief at the long end of the curve on Tuesday, while Deutsche Pfandbriefbank (Pbb) issued at the short end in dollars but paid up for the privilege compared to what it would have cost in euros. -
The result of the first round of the French election has imbued the markets with a fresh confidence, prompting the European Financial Stability Facility (EFSF) to mandate banks for its third dual tranche trade in a row.
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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Two Russian borrowers are lining up bonds for next week with Credit Bank of Moscow set to issue its second capital trade of the year, and PhosAgro looking to finance a buyback with a new issue.
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Banco Santander Totta did well to raise €1bn of seven year funding on Thursday at a record level through govies, given the damaging ramifications for peripheral Europe that would follow if France’s far left and far right presidential candidates made it through to the second round of voting.
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Portugal’s Banco Santander Totta has mandated leads for the first Portuguese covered bond since October 2015.
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Medical diagnostics firm Unilabs launched a €250m high yield bond with a roadshow this week, to back its acquisition of Alpha Medical. Nomad Foods is also roadshowing a €500m deal.
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Russian fertiliser producer Phosagro will meet investors from Thursday for its first Eurobond since 2013.
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UniCredit is seeking investors’ consent to substitute Fitch with Moody’s as credit rater of its conditional pass through covered bond programme. The latter requires an issuer to provide less collateral for a similar rating.
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Investment bankers serving Europe’s financial institutions are already confident 2017 is going to prove a more fruitful year than 2016, when the fees paid by the sector fell to a 14 year low, writes Jon Hay.
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The French presidential election saga has taken another twist, with far-right candidate Marine Le Pen’s chances slipping — but those of Jean-Luc Mélenchon, from the other extreme of the political spectrum, rising. Asian investors are pulling back from deals until the election hurdle is cleared, say issuers — but the rise of Mélenchon may also provide an earlier than expected relief rally.
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