UniCredit
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UniCredit’s second quarter profits were up almost 30% from last year, with the commercial and investment bank and Italian commercial bank taking most of the credit. The CEE business remains important, but Russia dragged the division sharply down.
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The European Investment Bank added another deal to its recent burst of issuance in euros on Monday, as a German state mandated banks for a €500m August 2019 deal.
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UniCredit has moved quickly following departures to promote two of its leveraged finance bankers to head the bank's London-based high yield syndication and origination teams.
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A series of German sub-sovereigns have printed deals in euros this week, adding to hopes that the market for the currency is slowly returning to strength after weeks of difficulty.
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This week could be the last opportunity for borrowers to bring euro deals before the market shuts down for summer, according to SSA bankers and issuers — and some trades are already on the production line.
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Germany dominated covered bond supply this week with four banks raising €2.5bn after collecting orders of nearly €6bn in total.
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Beni Stabili, the Italian property company largely owned by Foncière des Régions, priced on Thursday a €200m convertible bond at a 0.875% coupon and 32.5% conversion premium.
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Private equity firm Pamplona has completed the syndication of a €217m debt facility to buy Budapest-headquartered Partner in Pet Food (PPF).
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Dominique LeMaire, global head of high yield capital markets at UniCredit, has left the firm, and is headed to a rival later this year.
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Italian gaming company Snai on Tuesday issued a €110m bond to support its acquisition of a domestic competitor, Cogemat.
