UniCredit

When Gianni Franco Papa became head of UniCredit’s corporate and investment bank in January, it marked a new era, but there was none of the upheaval that often comes with senior management changes, writes David Rothnie

Fiat Chrysler Automobiles has completed syndication of a €5bn revolving credit facility, in the company's first loan refinancing since Fiat Group Automobiles merged with Chrysler last year.

Greece's stand-off with its creditors has not quashed all FIG activity this week, with Intesa Sanpaolo issuing €782m of tier two and UniCredit buying back some subordinated debt of its own.

German cosmetics firm Douglas Holding, which is being acquired by CVC Partners from Advent International, sold €635m of high yield bonds on Friday after cutting their size for a second time.

CVC Partners on Thursday reduced to below €1bn its high yield offering to fund the acquisition of German cosmetics retailer Douglas Holding — yet investors dismissed the cut as a sign of an increasingly ‘closed for business’ market.

Douglas Holding, the German perfume retailer, has become the third leveraged finance borrower this week to feel the lash of investors' anxiety about Greece, as it widened pricing on its €1.22bn loan.

Constantia Flexibles has become the second borrower to pull a repricing from the leveraged loan market this week, as investors call time on the surge of such deals.

Sunflower oil producer Kernel’s signing of a new credit facility with banks should encourage other Ukrainian borrowers to achieve loans, say bankers involved in the deal.

CVC Partners on Tuesday offered a €1bn two tranche bond, which will fund its acquisition of German cosmetics retailer Douglas Holding from Advent International.

Douglas Holding, the German perfumery chain, enlivened the leveraged loan market this week, launching a €1bn deal that will contribute to its buyout by CVC.

Douglas Holding, the German perfumery chain, received a favourable initial response from investors at its Wednesday bank meeting as it launched the €1bn loan portion of its buyout debt.

A smaller than typical seven year euro benchmark for KfW on Tuesday underlined how difficult execution in euros has become for public sector borrowers.