UniCredit
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The IPO of OVS, the Italian clothing retailer, is progressing well, helped by a juicy discount to comparable stocks.
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The IPO of OVS, the Italian clothing retailer, is progressing well, helped by a juicy discount to comparable stocks.
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Regional issuers from Germany and Sweden had no problem finding demand for deals on Thursday, as a pair of issuers sold oversubscribed bonds. -
AS Roma has signed a €175m five year senior secured loan that the Italian football club will use to refinance debt.
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A pair of regional issuers mandated banks for euro deals in the 10 year part of the curve on Wednesday.
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Constantia Flexibles, the Austrian food packaging company, reached its deadline for commitments today on a €1.2bn leveraged loan. With scant deals in the market, investors look set to seize the bait.
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ThyssenKrupp, the German steel and engineering firm, raised €1.35bn on Wednesday with a dual tranche bond issue that tightened 20bp during the bookbuild.
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Hoffmann-La Roche, the Swiss pharmaceutical and medical diagnostics group, on Wednesday launched its first public euro bond since 2012, and achieved remarkably tight pricing.
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A2A, the Italian multi-utility, pulled in a big book for a €300m 10 year bond it priced on Wednesday as part of a liability management exercise. The company launched a tender offer for €762m of notes due 2016 on the same day.
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OVS, the Italian clothing producer and retailer owned by Gruppo Coin, is raising a €475m loan alongside its planned IPO, to pay down debt.
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Spanish civil and engineering company Grupo Actividades de Construcción y Servicios announced a €2.4bn five year loan today with a syndicate of 43 banks. The deal took three months to complete, which is unusual in the Spanish market, where deals usually take three weeks, said one Spanish banker.
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UniCredit and Intesa Sanpaolo reported skinny profits, but knocked it out of the park compared to last year, when both banks took multi billion euro writedowns to prepare their balance sheets for forensic examinations during the European Central Bank’s Asset Quality Review.
