UniCredit
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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. -
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.
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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.
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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.
