UniCredit
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BayernLB braved order exodus to price through fair value on latest covered deal -
Investors consider feasibility of state recap amid uncertain future
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Italian companies, accustomed to playing lenders off against each other, are looking for alternatives
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Société Générale priced a €750m eight year inside fair value, but deals from KHFC and Commonwealth Bank of Australia were less convincing
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Tier twos trade violently as deadline for UniCredit deal draws closer
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Despite demand, further short dated issuance not forthcoming as issuers are flush with TLTRO cash
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Short maturities become sought after among corporate buyers
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Slovakian issuer follows regional peers in targeting preferred senior investors
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Rise in rates splitting interest between the short and long end
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Italian borrowers see almost €4bn combined demand despite cash leaving asset class
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UniCredit’s appointment of an equity capital markets heavyweight shows clear ambition, but the group’s new strategy is a hostage to M&A fortune
