UniCredit
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MET Group, the Swiss headquartered multinational energy firm, closed a €560m dual-tranche revolver on Wednesday evening that bankers said will be used to shore up its enterprises in eastern Europe. -
Shares in UniCredit, Italy’s largest bank, closed 1.7% lower on Thursday after it unveiled the terms for its fully underwritten €13bn recapitalisation late on Wednesday.
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UniCredit has made three senior appointments in Asia, including to its management in Singapore and Mumbai, as well as hiring Florence Blazy as a senior banker in France.
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Disclosing Pillar 2 ‘guidance’ is discretionary and perhaps even discouraged, but banks risk falling foul of speculation if they choose to keep their full supervisory capital demands a secret.
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Fondo de Amortización del Déficit Eléctrico (FADE) was warmly welcomed by capital markets on Tuesday for its first benchmark in 18 months, while Asian Development Bank hit screens looking for its first syndicated euro deal in almost three years. HSH Finanzfonds also raised cash on Tuesday.
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Shares in Amundi, the French asset manager, fell 1% on Monday after its shareholders gave near-unanimous approval at an extraordinary general meeting to its €1.4bn capital increase to partly finance its €3.545bn acquisition of Pioneer Investments from UniCredit.
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UniCredit underscored weaknesses in its balance sheet and capital position on Monday, issuing investors with another series of warnings ahead of its planned €13bn rights issue.
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A few of Europe's smaller borrowers are trying their luck now that the storm of issuance that thronged markets through most of January has abated.
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years.
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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.
