UniCredit
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The heavy flow of European corporate bond issues that bankers have been predicting for September began in earnest today, showing that the market’s strength has been no idle boast. Investors swallowed five roadshowed deals in euros and sterling and Vodafone launched a two tranche issue without warning. All were gobbled down with ease.
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Santander and UniCredit reopened the door to the additional tier one market this week only to find what lay behind it was a very different dynamic from the one borrowers experienced before summer. An expected burst of supply is on the way and historically low coupons are causing investors to shy away from the AT1 from major European banks. -
Corialis - KKR's Finedining Capital - Douglas Holding
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Wednesday would have been the busiest day for European corporate bond issuance since the August break, even without Sanofi’s €3bn stormer.
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UniCredit looks set to confirm that a sea change is afoot in the additional tier one (AT1) market, as it prepares to print its first euro denominated deal in the format in line with initial price thoughts and with what is likely to be a book smaller than €2bn.
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British cigarette maker Imperial Tobacco has secured financing for its $7.1bn acquisition of brands from Reynolds American, and refinanced its existing revolving credit facilities.
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German retail conglomerate Douglas Holding closed the order books on Friday for its €1.085bn leveraged loan deal, which reprices its drawn and undrawn debt at borrower-friendly margins.
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The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.
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Concerns that there would be a dearth of additional tier one (AT1) deals ahead of the European Central Bank’s Asset Quality Review appear to be receding as Santander joins the pipeline, mandating leads for its second euro denominated AT1.
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The European leveraged loan market might be all but dead in this fourth week of August, but one German borrower is pressing on with a transaction to cut the margins on its existing debt.
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Swiss Re and UniCredit are looking to be the first out of the door in the post-summer subordinated debt market, taking advantage of the recent rally in credit after European Central Bank president Mario Draghi’s comments earlier in the week gave investors confidence that the bank would enhance its measures to boost weak eurozone inflation.
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