UniCredit
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CEEMEA sovereign borrowers extended their last minute funding spree this week with Romania joining Ivory Coast in the primary bond market. -
The Republic of Serbia this week raised a dollar bond in its second offering of the year, in what has been an exceptionally busy year for central and eastern European sovereign issuers.
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Small transactions reached big audiences in the financial institutions bond market this week, as investors realised they would need to consider buying sub-benchmark supply in order to make the most of a dwindling deal pipeline. Tyler Davies and Frank Jackman report.
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Italy’s BPER Banca was more than three times subscribed for a small tier two deal on Wednesday, as sub-benchmark transactions prove more popular than usual in the euro market.
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Gategroup, the Swiss airline hospitality company, has negotiated with lenders to extend the maturity on its syndicated loan facilities as part of a major debt restructuring for the Covid-battered firm.
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Mediobanca was swamped with orders for a small tier two on Monday, as investors welcomed a rare opportunity to gain subordinated exposure to the Italian bank. Its deal was further supported by another positive development in the race to roll out a vaccine for Covid-19.
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Gunvor, the Swiss energy trader, has signed a $1.225bn European revolving credit facility, having increased it after asset-hungry lenders oversubscribed the loan during syndication.
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KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.
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Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.
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Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.
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Klépierre, the French shopping centre operator, and car finance bank FCA Bank pulled in solid bond issues on Monday, as a wave of market-friendly news is expected to increase opportunistic issuance in the coming weeks.
