UniCredit

UniCredit is expanding its business in the Middle East and is in the process of opening a new branch in Abu Dhabi.

A $12.7bn Asia-focused loan for China National Chemical Corp’s acquisition of Swiss firm Syngenta is expected to enter the second phase of syndication as early as next week.

No financial institutions have launched new bonds in Europe this week, as market participants await the results of the UK’s referendum on EU membership.

Salini Impregilo, the Italian construction firm, sold €300m of non-callable notes on Thursday to refinance its old 2018 notes, and finance part of its acquisition of US peer Lane Industries.

Capital markets this week finally faced up to the possibility of the UK voting to leave the European Union in next Thursday’s referendum. There was a distinct whiff of panic in European bond markets, after latest polls showed the Leave campaign was not only gaining momentum but establishing a lead, prompting investors to race into safe haven assets such as Bunds and US Treasuries and selling out of bonds of issuers most likely to be affected by Brexit.

Caisse Française de Financement Local (Caffil), the French public sector bank, issued its third Obligation Foncière this week but, while it set a record low coupon, it was heavily reliant on support from the Eurosystem.

Akbank is returning to the loan market for the second time this year, lining up one and three year tranches in euros and dollars.

Two new borrowers launched deals in the European high yield market on Monday, PVH and Salini Impregilo. Both are double-B rated, like most of last week’s deals.

Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.

The 10 year Bund yield hit a record intraday low on Tuesday, as a German region increased a deal size and a French agency lined up an unconventional eight year deal.

German housing company Vonovia on Monday demonstrated that issuer friendly deals were still available without having the European Central Bank as a buyer, printing a €1bn dual tranche bond with satisfying concessions.

Artsana, the Italian babycare products manufacturer, will not allocate its €575m debt package for at least another week, according to a banker on the deal.