UniCredit
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French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years. -
Yapi ve Kredi Bankasi is the first of the Turkish banks to follow a successful sovereign tap last week, and with Turkish bank debt well bid in secondaries, it will be expecting a better result than its last senior trade.
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The European Financial Stability Facility (EFSF) has surprised SSA bankers by returning to the long end with one tranche of a deal it plans to launch on Tuesday.
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Berlin Hyp issued a well oversubscribed €500m eight year mortgage backed covered bond on Wednesday and attracted exceptional demand from foreign investors, even though the deal was priced tightly.
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BNP Paribas Home Loan SFH made a rare foray into the covered bond market on Wednesday, selling a €500m long seven year deal that was priced well through the French government bond curve.
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Hochtief, the German engineering group, has joined the ranks of blue chip names rushing to the Schuldschein market, having launched a €150m deal on Tuesday.
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With more than 100 investors in the book and an oversubscription ratio of nearly three times, Nord/LB’s Luxembourg subsidiary enjoyed one of the best receptions of any €500m covered bond seen this year and one that was much better than all its previous deals.
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KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.
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Spanish travel distributor Hotelbeds is planning an add-on of its original LBO loans to fund the acquisition of Tourico Holidays, a US peer.
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KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.
