UniCredit
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UniCredit Italy became on Monday the first Italian bank to break through the mid-swaps barrier with a covered bond, but it needed to employ its lead managers’ balance sheets to do it.
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Covered bond issuers have front loaded this week, printing €5.5bn in just two days via seven deals.
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Telecoms company Telefonica was one of two Spanish corporates to tap the euro market on Monday. Gathering a solid order book despite a minimal new issue premium, Telefonica appeared unaffected by any concerns regarding upcoming elections in Spain. -
A pair of SSAs hit screens with euro benchmark mandates on Monday — and bankers are confident that market conditions will stay bright to support even more expected supply.
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Rarely has confidence in equity markets been more savagely battered during August than this year. But hopes that issuance of new deals will be able to continue in the September-December season were raised on Tuesday by the launch of investor education for two IPOs.
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Russian mining company Norilsk Nickel is undertaking series of investor update meetings in early September.
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The corporate bond pipeline for September swelled rapidly over the course of this week, with no less than six companies hiring banks for roadshows in the near future.
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Two rare issuers announced plans to issue euro debt on Tuesday, with Swisscom mandating for its third ever deal and Pentair hiring banks for a possible debut in the currency.
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The privatisation IPO of Poste Italiane, set to be one of the highlights of the ECM calendar in the second half of 2015, took another step forward on Tuesday when the company filed its request for listing to Borsa Italiana and its prospectus to Consob for approval.
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At least three Turkish banks have set up covered bond programmes and could theoretically be ready to issue their first benchmarks this autumn. However, even if the political outlook improves, the cost of funding in dollars using established senior unsecured programmes may be difficult to beat.
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Russia’s Lukoil has signed a $440m syndicated loan with four commercial banks, as part of $1bn of loans backed by development banks.
