UniCredit
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German pension funds have joined Japanese investors hunting for long dated paper from sub-sovereigns, according to medium term note dealers. They are finding super long paper from French regions, but supply is limited and German regions are beginning to tap the demand by pushing further out along the curve.
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The Republic of Slovenia demonstrated the huge progress it has made since the start of the year, slicing into its euro curve with a dual tranche deal that pulled its spreads in euros and dollars 10bp-20bp tighter. -
Germany’s Hypovereinsbank (HVB) and Bayerische Landesbank (BayernLB) launched Pfandbrief deals of the same size and tenor this week. But with a marginally lower rating, and hence a wider spread, HVB was able to attract a more granular book.
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An overhaul of Polish covered bond law will increase issuance, said market participants. The reforms should raise loan-to-value limits, allow soft bullets and mandate minimum overcollateralisation, according to an English translation of the text obtained by GlobalCapital.
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Thursday is set to see the first senior unsecured supply of the week, with two euro deals expected to price in the afternoon. Sparebank 1 SR-Bank is selling a seven year benchmark while UniCredit is set to price a three year floater.
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Italian media firm Gruppo Editoriale L’Espresso raised €100m through a convertible bond on Wednesday, seizing excitement around southern Europe to price at the best terms for the issuer despite the small size of the deal.
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Slovenia shaved another few basis points off its euro curve with a €2bn dual tranche bond issue this week. The sovereign’s well timed transactions in dollars and euros have helped some of its existing notes rally by almost 10 cash points in just two months, reflecting investors’ increasing confidence in Slovenia.
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Slovenia drew almost €10bn of orders for a long three year and seven year euro bond issue on Tuesday, which catered to investors comfortable with duration and those more concerned about rates.
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Commodities trader Trafigura Beheer has signed oversubscribed revolving credit facilities totalling $4.74bn from 51 lenders.
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It is not every day that two of the top Belgian corporate credits are in the bond market on the same day, but that happened on Wednesday. As one banker joked, the Belgian corporate market had been boosted by President Obama’s visit to Brussels that day.
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After a two week hiatus, the additional tier one market has rebooted with Italy’s debut AT1 issuer UniCredit printing a $1.25bn trade at 8% — a level that partly reflects a new equilibrium in the asset class, after investors pushed back over successively tighter and tighter prints.
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