UniCredit

The failure of the IPO of Banca Popolare di Vicenza leaves full responsibility for the bank’s future with the hastily put together Fondo Atlante — and is a poor omen for the listing of Veneto Banca, due to roll forward after a shareholder meeting this week.

Daimler’s thirst for euro denominated debt was on show once again on Tuesday as it tapped the market for a €3.25bn triple tranche deal, the third time this year it has used the structure.

KommuneKredit and the State of North Rhine-Westphalia (Land NRW) joined NRW.Bank in lining euros deals on Tuesday in a week bankers had expected to be hobbled by holidays.

Banca Popolare di Vicenza has been refused a listing on the Milan stock exchange after its IPO failed to attract sufficient private demand, leaving Fondo Atlante to underwrite the entire capital raise and sending Italian bank shares tumbling on Tuesday.

Banca Popolare di Vicenza’s board is to meet later this afternoon to consider the results of its €1.5bn IPO, for which the bookbuild closed earlier today (Friday April 29).

A flotilla of IPOs reached harbour safely this week, through waters calmed by the European Central Bank’s quantitative easing medicine, and whatever other magical ingredient has made financial professionals feel so much better since Easter. But one debutant tripped up and another IPO was pulled.

Türkiye Vakiflar Bankasi, or VakifBank, this week issued the first publicly syndicated Turkish covered bond, sending a powerful message to other Turkish banks and emerging market issuers that the investor base is wide open and eager for more EM names.

Kering, the French luxury goods company, issued a €500m no-grow transaction on Thursday that saw some orders drop out but still came with a negative new issue premium.

After a strong start to the year, liability management activity came to a halt following the ECB’s announcement of its corporate sector purchase programme, prompting questions as to how this latest stimulus package will affect the market. Despite the slowdown, however, there is reason to believe an uptick in activity is on the horizon, according to UniCredit’s Liability Management team.

Amadeus, the Spanish airline ticketing systems group, has signed a €500m revolving credit facility with a group of 12 banks, bringing in two new lenders as two dropped out.

UBI Banca became the first Italian lender to print tier two capital this year on Wednesday, laying the foundations for more periphery capital to follow.

Investors gorged themselves on McDonald’s bonds on Tuesday, as the US hamburger restaurant chain issued €2.5bn of bonds in three tranches, which were nearly six times oversubscribed.