UniCredit
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The first task of the Fondo Atlante, the Italian bank rescue fund that politicians and financial leaders have put together over the past few weeks, moved a step closer to achievement today, with the announcement that it will sub-underwrite the IPO of Banca Popolare di Vicenza — as long as regulators agree. -
Eurofima was the sole issuer testing the euro waters on Monday, with bankers expecting a quiet second half of the month in the market after a frantic start to April in which issuers placed 12 benchmark deals.
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Italy’s strongest banks are to contribute to a fund that will back-stop the capital raises of weaker lenders, in a deal brokered by the government that has drawn scepticism from many investors, but optimism from others. Tom Porter reports.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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Italy doesn’t mince its words on troubled assets. Loans in danger of becoming non-performing are dubbed ‘incagli’, which means ‘run aground’. When they become the ‘NPLs’ we hear so much about, they are ‘sofferenze’, which simply means suffering.
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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.
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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.
