UniCredit

Exor, a principal holding company of the Agnelli family, which founded Fiat, on Wednesday issued its first bond since 2007. Despite shaky market conditions, the 10 year bond attracted ample demand, helped by the fact that it offered about 150bp of spread — not available every day on investment grade paper.

Adidas, the German sportswear maker, issued its first bond for five years today, with a €1bn seven and 12 year offering. Adidas is a high quality name, but 12 years is an unusually long maturity for an unrated issuer, and with financial markets jittery again today, the deal may not have whizzed off the books as much as it might have in a more bullish atmosphere. Bankers said it widened sharply in the aftermarket.

Norma Group, the German engineering company specialising in pipe fixings and connectors, has agreed a €100m term loan and €50m revolving credit facility. It will use the money to pay back the rest of its bank loans signed in 2011, which were due in 2016.

Ever the optimists, delegates at the Euromoney Covered Bond Congress in Vienna this week attempted to cheer themselves up by highlighting opportunities in new jurisdictions such as Turkey and Singapore and possibly even deals backed by SME or infrastructure loan collateral.

Acquisitions announced on Monday by Siemens, Merck and Arkema marked the continuation of a wave of European investment grade acquisitions, with varied outcomes for syndicated loan financing.

Magyar Export-Import Bank has returned to the bond market with a $500m new long five year print. But unlike the borrower's last bond excursion in 2013, the borrower this time opted to proceed without the World Bank's support in the form of a Multilateral Investment Guarantee Agency (Miga) guarantee.

Seven German regions enjoyed super tight pricing versus swaps when clubbing together for a Joint Laender deal this week. The issuers priced a no-grow €1bn September 2024 on Wednesday morning at the tightest spread to Bunds for a Joint Laender deal in more than seven years — and the tightest ever spread over mid-swaps for a 10 year.

Airbus Group, the French-headquartered aerospace company which used to be known as EADS, has launched syndication for its €3bn revolving credit facility, which is not due to mature until April 2017.

CNH Industrial, the US-Italian maker of agricultural and construction machinery and trucks rated Ba2/BB+, prioritised price over size for its euro bond return on Monday.

CNH Industrial, the US-Italian maker of agricultural and construction machinery and trucks, issued price guidance on Monday for a new euro seven year benchmark bond.

Tui shrank its high yield bond return to take advantage of the tighter pricing available from retail investors, according to bankers on the deal.

İşbank — Rudine — KMG International — Hankook Tire