UniCredit
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UniCredit Bank Austria issued its second €500m benchmark and the group’s fourth covered bond of the year on Monday. The long five year transaction took advantage of excess demand that was identified in core covered bond deals that priced the previous week, but offered a much juicier pick-up.
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Romania has picked four banks from its primary dealer list to lead manage a euro-denominated bond, according to two sources away from the deal.
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The tightest and most oversubscribed UK covered bond in three years could signal the start of banks releveraging in Britain and elsewhere in Europe, according to analysts. The €1bn Lloyds Bank deal — the country’s first in euros this year — should also tighten the UK covered curve, particularly with growth rebounding, writes Bill Thornhill. -
FGA Capital, the car finance company jointly owned by Fiat and Credit Agricole, sold another blowout bond today, after a run of highly sought-after deals.
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Volkswagen’s thirst for funding appears unslakeable at present. The first three months of this year were its busiest quarter for issuance ever, by a wide margin, but since April began VW has also been pumping out deals.
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Romania has picked four banks from its primary dealer list to lead manage a euro-denominated bond, according to two sources away from the deal.
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GDF Suez, the French gas and electricity company, has signed its €5bn early refinancing facility with a syndicate of 25 banks.
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The Bank of Italy’s efforts to get Italian banks ready for supervision by the ECB has crushed Intesa’s 2013 P&L, as the bank follows the same strategy as peer UniCredit in taking a huge impairment in the final quarter to clean its balance sheet for the impending asset quality review and stress test double-whammy.
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UniCredit sailed to success with a three year floating rate deal on Thursday, reaffirming the strength of demand from investors for Italian financial paper. Even investors that normally stick to fixed rate paper were lured into the deal by the prospect of picking up Italian risk.
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Italian media firm Gruppo Editoriale L’Espresso raised €100m through a convertible bond on Wednesday, seizing on excitement around southern Europe to price at the best terms for the issuer despite the deal's small size.
