UniCredit

BMW priced €1.5bn of bonds on Friday, split evenly between five and 10 year tranches, following the slightly lower rated German car maker Volkswagen’s three tranche deal on Thursday.

In the first subordinated FIG deal of the year, Crédit Agricole Assurances, the wholly owned insurance subsidiary of Crédit Agricole SA, has launched an eleventh hour attempt at getting grandfathering for hybrid capital deals that aren’t compliant with new Solvency II capital rules.

Terna, the Italian electricity transmission system operator, signed a €750m credit facility last week. And more activity is expected soon in the Italian corporate loan market.

Siemens Audiology Solutions, the hearing aid business of Siemens, closed the final part of its acquisition debt package with great success late last Friday (December 12), allocating the €785m leveraged loan on the same day as the deadline for commitments.

Standard Bank — Bulgaria

Grupo Actividades de Construcción y Servicios (ACS) of Spain is in talks with a group of banks to refinance €2.2bn of debt, and plans to complete the deal in January 2015.

Siemens Audiology Solutions has enjoyed early commitments and well attended bank meetings in New York and London to market its €1.06bn loan and bond package to lenders.

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.