UniCredit
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A trio of public sector borrowers comfortably printed at the long end of the euro curve on Wednesday, but the deals suggested a slowdown in demand after a bumper April for the currency. -
A year can go by without an IPO in Prague, but this week has brought two. The day after GE Money Bank set out to float, Energetický a průmyslový holding (EPH), the Czech coal, gas and power company, began investor education for its plan to list EP Infrastructure, its energy transmission and distribution business.
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.
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Russian container terminal operator Global Ports Investments printed the first Russian debut bond since the Crimea crisis on Monday in a deal that was 3.5 times subscribed.
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BMW issued a €1.5bn dual tranche bond on Monday, nine weeks after selling its first public bond of the year. The improvement in market conditions since then was clearly visible, according to a banker away from the deal, as the issuer racked up twice the order volume this time.
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German automation equipment maker Schenck Process is returning to the loan market to refinance senior and mezzanine credit facilities with a €455m loan. It had to pull a €605m deal last June because investors thought the terms were too aggressive.
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Vitol-KazMunaiGas has received more than $3.5bn in commitments from lenders for its prepayment facility loan.
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Russian container terminal operator Global Ports Investments has released guidance for a $350m long five year bond on Monday, offering much more than several other double-B rated credits from the country.
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Banca Popolare di Vicenza on Thursday launched premarketing for its €1.5bn IPO and capital increase, after a period of uncertainty when UniCredit, the underwriter, had cast doubt on whether it could be completed by the end of April deadline.
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The European Investment Bank and the European Union kicked off April by printing impressive benchmark deals, yet despite this strong start to the quarter SSA bankers fear that a combination of the threat of a Brexit and the low yields on offer in the euro market will make conditions extremely challenging for issuers.
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
