UniCredit
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European Central Bank president Mario Draghi kept his powder dry at his latest monetary policy meeting on Thursday, sending eurozone government bond yields higher — something that is likely to be welcomed in the offices of the European Stability Mechanism.
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Italy wowed the market on Tuesday with the second blow-out 20 year sovereign benchmark in as many weeks, as bankers tipped other issuers to try out the unconventional maturity.
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The first block trade in OVS, the Italian fashion retailer, came on Tuesday evening, as Gruppo Coin, the BC Partners-backed retail group that owns it, sold €129m of stock. The trade was not covered.
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Italy’s Fondo Atlante became operational on Thursday morning, having been approved by Italian market regulator Consob and reached the threshold of raising €4bn from its backers. At the same time, the bookbuild has been launched for the IPO of Banca Popolare di Vicenza. -
At a time when banks are desperate to lend to merger and acquisition deals, some key relationship banks have been reported missing from the $20bn loan for ChemChina’s takeover of Swiss seeds maker Syngenta. Robert Cooke and Elly Whittaker report.
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Chili, an Italian online video platform, plans to list a €1.875m minibond next week on the Milan-based ExtraMOT Pro exchange.
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Italy’s Fondo Atlante is now operational, having been approved by Italian market regulator Consob and reached the threshold of raising €4bn from its backers. At the same time, the bookbuild has been launched for the IPO of Banca Popolare di Vicenza.
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UniCredit published a statement today clarifying certain aspects of its sub-underwriting agreement for the IPO of Banca Popolare di Vicenza with Fondo Atlante, the fund being set up by Italian financial institutions with the encouragement of the finance ministry.
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Four smallish equity block trades were launched in Europe on Tuesday afternoon, after a strong day for stocks.
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Italy enticed investors out the curve on Tuesday with its first ever 20 year euro benchmark, offering a pick-up of around 40bp over where its 15 year benchmark — a more traditional pricing point for the sovereign — was trading in secondaries.
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Banca Popolare di Vicenza’s mainly retail shareholders will be left owning just 0.66% of the bank if its €1.5bn IPO is priced at the bottom end of the price range. That the IPO and capital increase would be highly dilutive had been clear for some time, but the publication of the price range today makes it possible to put numbers on this for the first time.
