UniCredit
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After a slow start to the week, a torrent of covered bonds was priced on Wednesday and Thursday, as issuers sought to move quickly in case the market succumbs to one of many potential political risks it faces this month.
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Uniper, the Germany energy company subsidiary of E.ON, is preparing to syndicate a €5bn loan to a wider group of banks. -
Majorca-based travel services operator Hotelbeds has released price guidance on its €490m cov-lite seven year term loan ‘B’ following bank meetings on Tuesday in London.
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Marco Morelli may be the safe option, but UniCredit could look to the management team of its corporate and investment bank if it wants to address its urgent strategic challenges, writes David Rothnie.
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Political turmoil has stopped from Croatia printing its planned euro Reg S issue, having completed a two day roadshow for the deal on Tuesday.
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PKN Orlen printed the first non-financial corporate bond from Poland since 2014 on Wednesday and managed to mop up plenty of demand from a brand new investor base.
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Airbus Group has allocated its €425m term loan ‘B’, backing KKR’s €1.1bn buyout of Airbus' defence electronics business.
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PKN Orlen was on track to print a seven year dollar bond with books over €1.5bn at guidance on Wednesday.
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Corporate bond new issuance in Europe has eased off the accelerator, with market participants talking of oversupply in recent weeks. But two events on the horizon are exerting an influence: the Brexit referendum on June 23 and the European Central Bank’s expected start of its Corporate Sector Purchase Programme.
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KfW became the first supranational or agency to sell a euro-denominated five year benchmark with a negative yield on Tuesday.
