UniCredit
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The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.
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A German agency has drawn over €7.5bn of orders for a euro benchmark despite offering a negative yield — leaving bankers puzzled over why no other issuers are hitting screens in the currency.
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Gazprom has released roadshow dates for a euro bond, but is going ahead with the meetings without Deutsche Bank on the mandate. -
Poste Italiane, the Italian state-owned post office, launched on Monday the investor education phase of its long-awaited, mammoth-sized initial public offering in Milan.
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A German agency is set to tackle the short end of the euro curve, as a fall in rates across the curve limits issuers’ options in the currency.
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UniCredit agreed to underwrite Banca Popolare di Vicenza’s planned capital increase on Monday. That helped the bank to launch tier two capital bonds into uncertain markets on Friday.
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ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.
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Banco Popular Español (BPE) and Caja Rural de Castilla-La Mancha (CRCLM) issued Cédulas this week that were barely subscribed and relied heavily on demand from the European Central Bank.
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Investors could have their first chance in two months to buy tier two debt from a periphery bank as early as Friday, after Banca Popolare di Vicenza hired leads for a 10 year non-call five.
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Covered bond issuers failed to take heed of poor market conditions and, just like lemmings, followed one another with poorly performing deals this week.
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The euro market is set to outshine dollars in the coming weeks, a pair of issuers showed this week as they demonstrated the depth available at the long end of the curve.
