UniCredit

DVB Bank fell foul of Germany’s recent draft legislation on the status of senior debt on Tuesday, with a new issue failing to draw interest despite a juicy new issue premium.

Idea Bank, the Polish challenger bank, on Wednesday set the price of its Warsaw IPO at Z24, the bottom of the range, and reduced its size, because investor demand failed to meet expectations.

Sentiment improved in covered bonds this week, mirroring the better backdrop in credit markets. Two German issuers found solid demand for their deals, in contrast to the previous week when issuers had struggled to sell bonds. Both this week’s trades were in the intermediate sector, in contrast previous deals which had been in the oversupplied long end of the curve.

Wirtualna Polska, the Polish internet portal company, is in the investor education phase of its initial public offering, which could value the company at about €160m.

Gianfranco Bisagni has joined the corporate and investment banking division of UniCredit as deputy head, as the bank splits divisional responsibilities in two.

Swiss travel operator Dufry is set to launch around €1.5bn of loans and bonds backing its €3.6bn acquisition of World Duty Free after the Easter weekend.

Idea Bank, the Polish challenger bank, is expected to reduce today the size of its Warsaw initial public offering because investor demand for the deal failed to meet expectations.

Cassa Depositi e Prestiti tightened pricing on a bond by 10bp-15bp on Tuesday — but bankers on and off the deal said such a wide move was necessary given the market environment.

Stada, the unrated German generic and branded drugs maker, issued a €300m seven year bond on Tuesday, but failed to tighten the pricing, in tough market conditions.

Steel and mining company ArcelorMittal on Monday priced two senior unsecured high yield bonds inside price guidance: a three year floater and a six year fixed rate bond.

Prysmian, the unrated Italian cable maker, has issued a seven year bond, increasing the size from €600m to €750m thanks to robust demand.

Dufry, the Swiss travel retail operator, will look to raise at least Sfr2.2bn (€2.1bn) from a rights issue funding its takeover of World Duty Free, over half of which is secured by three cornerstone investors.