UniCredit
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Supranational takes €5bn in second syndication of April
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◆ First euro AT1 in almost two months ◆ Demand is strong but premium required ◆ Changed balance between investors and dealers
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Sparkasse Bremen garners surprising demand thanks to ‘thin pipeline’
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The German cosmetics retailer fell over 7% below its IPO price on the first day of trading
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Deal was oversubscribed with €110m of lead manager orders
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The long-end deal is judged to have paid 1bp-3bp new issue premium
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Douglas is expected to achieve a multiple of 6.1-6.3 times its 2024 Ebitda
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Issuer last brought a green bond in 2022 but has been active via taps
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Exor is underwriting the entire capital increase
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Sub-sovereign continues to chip away at its €9.6bn annual programme
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◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL
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German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo
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Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week
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WIBank set to add to issuance with 10 year print
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Starving investors of exposure to it should mean that the bank can lower the cost of its next new issue
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The sector’s tight valuation versus the likes of KfW is capping demand
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◆ French bank goes beyond recent 10 year senior, covered deals ◆ UniCredit pushes pricing in SNP with 5bp NIP ◆ Market open for all as infrequent borrowers also lure big orders
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◆ Vast interest for FIG debt capital as investors make €15bn of orders ◆ Periphery tier one and two deals prove very popular ◆ Arkéa struggles to attract interest and pulls 12 year tier two
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◆ Authority says banks sport best capital ratios ever thanks to improved profitability ◆ With net interest margins having or close to peak this may be about to turn ◆ Major banks unfazed by higher capital requirements as they boast strong buffers
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Dominic Pfisterer had been at UniCredit for 16 years
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Issuers 'can't be stingy' in tough conditions as issuer leaves 5bp on the table
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Next year's target for the Austrian agency will be around €6bn
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Bankers say it is hard to say why demand for the deals was subdued
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Transaction could have been much larger but Italian bank was ‘driven by price’
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BTP's overnight performance helped secure domestic interest
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Hessen prices €250m tap as market braces for a week of data drops and central bank meetings
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The former FIG dealmaker has landed his first acquisition but growth ambitions for the investment bank remain on the mid-market
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Market shifts to favour returning issuer
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Agency issuers appeared after the EU cleared a €7bn syndication
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Land hits upper end of size target after being 'reasonable' about pricing
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Labels and length as issuers offer duration to market where 'mis-steps' still possible
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European agencies to dominate week’s issuance with Fed and Bank of England in focus
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Trio are coming from Aareal and UniCredit
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Praise for borrower's 'sensible' approach in tricky market
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Issuance from German states has increased 70% year-on-year
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◆ Deal expected to come wider than peers ◆ Wider spread likely to mitigate investors asking for shorter maturities ◆ Will be issuer's second covered bond ever