UniCredit

Mediobanca rounded out a week of revival for the senior market on Friday, selling a three year euro benchmark. The deal replicated the success of several other prints earlier in the week, allowing the Italian bank to sell the first senior print from southern Europe in almost half a year.

Bankers marvelled last week at just how eager European investors were to buy very highly rated corporate paper - as evidenced by a rarely intense period of issuance by double-A rated firms. Another high grade deal came on November 7 to reinforce those feelings: Bayer launched a €500m bond and got a €4bn book.

Ontex, the Belgian nappy maker, priced on Wednesday its €250m high yield bond at par with a 4.75% coupon, as part of a debt restructuring that made Moody’s upgrade its rating one notch to Ba3.

The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.

The City of Ludwigshafen has hired banks to run a roadshow for what will be its debut syndication. Meanwhile, City of Berlin picked banks to lead a deal that is set to be priced on Wednesday.

Ontex, the Belgian producer of disposable hygienic products for babies and adults, is beginning on Tuesday a roadshow in London for a €250m high yield bond, after completing its IPO in June.

Louis Dreyfus — Geberit — Heathrow — Arkema

Palfinger, the Austrian crane manufacturer, has raised €105m with a Schuldschein issue that included Asian lenders.

Louis Dreyfus Commodities is refinancing a loan facility raised in December 2011, reducing the amount from $800m to $600m.

The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

Asset managers Tikehau IM and Emisys have provided a six year €14.2m unitranche bond facility for the acquisition by a group of investors led by LBO Italia of GF SpA, a manufacturer of automated filling machines for the pharmaceutical industry. It is the first time such a debt structure has been used for this type of deal in Italy, people involved said.

Metro, the German supermarket group, strengthened the narrative that Europe’s corporate bond new issue market is recovering, with a €500m seven year issue on Tuesday.