UniCredit
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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. -
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.
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Italian construction firm CMC di Ravenna has launched a €150m credit facility in a levfin market where loans have the upper hand.
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After a bumper week in dollars, euros will be back on the CEEMEA table this week with PKN Orlen and Croatia wrapping up meetings on Tuesday. But the European Central Bank meeting on Thursday and US data on Friday is expected to keep issuance limited this week.
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Italian energy company Enel on Thursday completed a €1.26bn exchange offer that strengthened the return of debt-backed tender offers in the European corporate market.
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UniCredit is poised to appoint headhunters to lead the search for a new chief executive following the resignation of Federico Ghizzoni, with the board understood to be favouring an external candidate — and preferably an Italian national — to take the job.
