UniCredit

Banks will have had difficult choices to make

◆ New rate cycle begins at last ◆ Can Deutsche Bank avoid being overtaken by UniCredit? ◆ Carmakers in trouble ◆ The DLT help no one wanted

UniCredit’s raid to buy 9% of Commerzbank gives Deutsche three choices — all unattractive. But one is clearly less bad than the others

◆ UniCredit-Commerzbank news unlikely to have an impact ◆ Fair value thoughts revealed ◆ Deal to be priced on Wednesday

◆ UniCredit and Orcel quackers for Commerzbank ◆ Draghi aims his bazooka at CMU ◆ A new dawn for corporate hybrid capital

Deal would lead to heavy cost cuts, but could create strong competitor

As in Mustier’s day, Commerz ― and European banking sector ― are in play

◆ Analysts lower UniCredit AT1 recommendation ◆ Senior spreads could converge ◆ Are there other takeover targets?

UniCredit has bought 9.9% of Commerzbank partly through a block trade, founder sells his Jet2 stake and natural resources company raises capital for growth M&A

◆ Issuer ups size on one tranche ◆ ‘Exceptionally strong’ day for euros ◆ Bloc has much more to raise

◆ Italian bank returns after years of calls but no replacements ◆ Tight pricing cemented on super-scarcity status ◆ Austria’s Bawag gearing to increase capital with new issue and tender

◆ Limited sized deal attracts ‘very good book’ ◆ ESM curve tight, E-supra bonds referenced ◆ €2bn left to do this year