UniCredit
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LBBW slipped through one of the final windows ahead of the summer break to price its first euro green non-preferred bond in two years at spread deemed to be through its conventional curve. -
LBBW cut a lone figure in the market on Monday as it announced plans to sell its first green labelled non-preferred bond in euros for over two years.
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A2A, the Italian utility, has signed a €500m sustainability-linked revolving credit facility, as the company shifts large parts of its capital structure to key performance indicator-driven pricing.
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The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.
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Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months.
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Enervie, a German energy supplier, has completed a €170m refinancing package, taking the unusual step of swapping a single syndicated facility for a collection of different funding sources.
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JAB Holdings and Prosus have hired banks to run bond issues, adding to the barrage of corporate deals in the works before Europe's summer break.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
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Europe’s high grade corporations are lining up bond issues in euro and sterling for this week, which could be the last before the market slows down for a summer break. Meanwhile, analysts and investors agree that there is considerable room for borrowers to sharply ramp up primary market activity in the next session.
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Prada, the Italian fashion house, has completed an amend and extend operation on its main bank revolving credit facility. Lenders say similar deals will make up the bulk of their business for the rest of the year.
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