UniCredit
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A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through. -
UniCredit has appointed a new global head of financial institutions group as it looks to bolster the sector’s importance within its corporate and investment banking division.
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Energias de Portugal drove into the euro bond market on Tuesday with a €600m long six year transaction that tapped into investors’ taste for crossover credit.
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General syndication has begun on loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food.
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UniCredit has added a senior trader to its emerging markets credit business in London
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La Banque Postale (LBP) and Axa Bank Europe SCF priced French covered bonds this week. Axa’s may be its last before it restructures its programme.
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Slovenia reopened the bond market for emerging European issuers in style on Tuesday, with a well-received dual tranche euro deal.
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SpareBank1 Boligkreditt, Aareal Bank and Nordea took advantage of strong demand for five year paper to issue oversubscribed deals this week, paying virtually no new issue concession.
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DBS Bank issued its long-awaited debut euro benchmark this week with a choice of tenor and pricing that worked well for for the Singaporean lender. It may return later this year.
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Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.
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The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.
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Douglas, the German retailer, launched a refinancing of a €1.37bn seven year term loan ‘B’ on Tuesday, as the firm comes out of soft call protection from its last repricing in mid-2016.
