UniCredit
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Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.
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Onorato Armatori, the Italian ferry operator, woke up the high yield market with a four day roadshow on Monday for its €300m debut bond. The issuer was followed by four more announcements. -
Agence Française de Développement (AFD) and L-Bank are out with long five year euro benchmarks, as bankers reported a lack of demand at the short and long end of the curve.
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Italy is set to benefit from a Bank of Japan-induced rally in eurozone government bonds late last week after mandating for a 30 year benchmark on Monday — and bankers suggest Spain could follow with a similar deal.
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AIB Mortgage Bank attracted robust demand for its €1bn seven year covered bond issued on Thursday, and WL Bank also did well despite the difficult 10 year tenor and measly spread.
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Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.
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Asset quality took a turn for the worse in 2015 for Italy’s banks, whose future remains unclear despite newly approved plans for a state-backed bad bank.
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KfW and the European Investment Bank nipped in with one-day executions on Thursday, raising €1bn apiece in what has been a turbulent week.
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Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.
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Trading in Saipem, the Italian oil and gas engineering company, had to be suspended on Monday, the first day of the firm’s €3.5bn rights issue, due to heightened volatility in the stock.
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UniCredit has offered to buy back up to €1.8bn of subordinated bonds mainly held by retail investors for the third time this year, as it looks to clean up its capital structure.
