UniCredit
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Investment banking profits look poor at the two big Italian banks, UniCredit and Intesa’s investment bank Banca IMI.
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The European Financial Stability Facility was able to price its tightest ever 10 year benchmark this week, while sovereign, supranational and agency officials cast doubt on whether European Central Bank covered bond buying would have much knock-on effect on SSA bond spreads when supply surges in January.
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Pirelli, the Italian tyre producer, launched its first bond for two years on Thursday, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.
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Pirelli, the Italian tyre producer, launched its first bond for two years today, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.
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UniCredit has hired Maximilian Biagosch, former head of finance at Permira, as its new head of high yield syndicate.
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UniCredit’s outgoing CIB chief has delivered a more profitable, stable division for his successor. But it’s a low key handover, writes David Rothnie. -
UniCredit Group’s €2bn profit target for 2014 is within grasp after a decent set of third quarter results, which showed an improvement over last year at the group level. But the investment bank’s profits are still down on last year, despite an improvement in loan values for the first time in two years.
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UniCredit has hired a new head of high yield syndicate from a private equity firm.
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Austrian oil and gas company OMV came to the euro bond market on Monday for the first time for almost a year, and priced a €750m four year deal.
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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.
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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.
