UniCredit

The first corporate bond new issue has been priced in euros at a negative yield. Deutsche Bahn raised €350m of five year debt on Wednesday with a 0% coupon, at a yield of -0.006%.

A day after selling 10% of its Italian online retail investment service Fineco Bank for €328m, UniCredit has this evening launched an accelerated bookbuild of 10% of Bank Pekao, the Polish bank of which it owns 50.3%.

Foncia, the French residential real estate company, on Tuesday began marketing its €1bn LBO loan into an "issuer friendly" market, according to one investor.

Yapi Kredi Bankasi opened books on a seven year note on Tuesday morning, offering a 20bp premium at initial price thoughts.

UniCredit’s shares leapt 13.5% today after it declared the beginning of a strategic review of its business after the market close last night. The announcement coincided with the launch of a sale of 10% of one of its finest assets — FinecoBank.

UniCredit has launched this evening a sale of 10% of FinecoBank, its direct, multichannel banking subsidiary, at the same time as opening a strategic review of its business.

The IPO of Enav, the Italian state air traffic control network, has already received enough orders to cover the entire deal, including the 9% greenshoe, a source close to the deal said.

Construction company Salini Impregilo was the second Italian borrower in the high yield market on Monday, as a fortnight of no issuance ended.

Italian gaming operator Sisal on Monday started a roadshow for the all-bond funding of its buyout by CVC Capital Partners, in a high yield market still stunned by the Brexit vote.

Two block trades were successfully placed in Europe this week, including a small stake in Italian multi-utility Hera that was snapped up very quickly on Thursday night.

Bookbuilding for the €805m IPO of Enav, the Italian state air traffic control network, will begin on Monday, July 11, the Ministry of Economy and Finance said in a statement late on Thursday evening.

Mathias Noack, who oversees syndicated loans at UniCredit, will become head of syndicated loans at BTMU in London. UniCredit is looking for Noack’s replacement.