UniCredit

Akbank’s German subsidiary, Akbank AG, will begin roadshowing its inaugural bond with investor meetings next week. But with few EM banks issuing from developed market subsidiaries, the price discovery process will be more difficult.

Telefónica, the Spanish broadband and mobile phone company, issued an €850m hybrid bond on Thursday. The perpetual non-call five year deal was priced just 3bp outside the issuer’s curve, according to one banker, a good omen for hybrids being roadshowed by Volvo and Santos.

Siemens Audiology Solutions, the hearing aid maker, has launched a €1.06bn bond and cov-lite loan package that will back its buyout by EQT.

Burberry Group, the UK fashion house, has refinanced a £300m five year revolving credit facility.

Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.

With Europe’s high yield market all but becalmed after the quietest November for new issuance for five years, market participants are trying to work out how serious the market’s plight is.

Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.

Italian gas distributor 2i Rete Gas issued a €540m long five year bond on Friday, to rebalance the proportion of bank loans and capital markets instruments in its debt profile.

Siemens Audiology Solutions, the hearing aid maker, has launched the €1.06bn bond and cov-lite loan package that will back its buyout by EQT.

Wienerberger, the world’s largest brick maker, has replaced two lines of credit with a €400m five year revolver.

Three issuers from France, Belgium and Germany raised €2.5bn in the covered bond market this week, and another €1bn transaction was expected from a Finnish issuer on Friday. The deals were all remarkable for the fact that the funding levels set new records for all issuers as the ECB’s allocation continued to grow, squeezing out other investors.

UniCredit Italy has revitalised hopes for the conditional pass through (CPT) covered bond structure which was pioneered by NIBC over a year ago and was at risk of being ignored by everyone else. The Italian national champion has restructured one of its covered bond programmes from a soft bullet maturity and intends to sell bonds from it next year.