UniCredit
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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. -
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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Landesbank Hessen-Thüringen (Helaba) tapped the three year leg of its dual tranche issue from May on Thursday morning, mirroring the syndication strategy it used to tap the deal’s seven year leg in July — aggressive pricing and doubling the size of the issue.
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Faster SpA, the Italian producer of couplings for the hydraulic industry, has signed a €98m loan to back its buyout by Capvis Equity Partners.
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Spanish private hospital operator Grupo Hospitalario Quirón shrugged off the demands of a strong lender’s market this week, in a €2.15bn deal that recalled the weight of CVC’s reputation among investors.
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Austria’s decision to wipe out subordinated bond holders of nationalised lender Hypo Alpe Adria — despite a guarantee from the State of Carinthia — triggered an unwanted knock-on effect on Thursday, with rating agency Standard & Poor’s judging that the decision reflected the country's growing reluctance to support its financial institutions in times of crisis.
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Spanish private hospital operator Grupo Hospitalario Quirón has signed off the €2.15bn loan that backs its merger with rival chain Idcsalud, shrugging off market volatility to win favourable borrower's terms.
