UniCredit
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Erste Group Bank was first out of the blocks this week to tap the euro market for senior preferred paper, with the lack of competing supply allowing the bank to target 'pricing over size', according to one of the leads. -
Banca Monte dei Paschi di Siena has published a new business plan for the next four years, targeting a return to profit in 2022. The plan relies on the bank receiving a capital injection of at least €2bn, which is still under discussion with authorities in Italy and the EU.
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Tight valuations in euros are making it difficult for banks to impress investors with new senior trades. Issuers may have to pay up or switch focus to other asset classes to make the most of the January market.
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Austrian paper and packaging firm Mayr-Melnhof Karton, called MM Karton for short, has launched a Schuldscheine, with an initial target of €300m.
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Turkish bank Yapi Kredi launched a tier two dollar bond on Thursday, with demand strong enough for bookrunners to attempt to squeeze pricing. But this is an unorthodox start to the year for Turkish bonds with the traditional curtain raiser from the sovereign nowhere to be seen.
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Oberbank is preparing to launch a sub-benchmark non-preferred senior deal into a quiet FIG market that has not seen a senior deal since Tuesday.
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The covered bond market went from famine to feast on Wednesday with a wide array of deals that all went very well.
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Europe’s high grade corporate bond market is showing no signs of slowing down, with new issues again breezing through fair value.
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UniCredit raised €2bn of preferred senior funding with a careful trade on Tuesday, as investors come to terms with a new pricing paradigm in the bank bond market.
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Russia’s Sovcombank has entered the ESG loan market for the first time, raising a $350m syndicated loan. An increasing number of Russian corporates are turning to the green financing sector as a way to diversify funding.
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