UniCredit
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After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency. -
Shares in Knaus Tabbert, the German maker of caravans and motor homes, were almost flat in trading on Wednesday following the company’s €232m IPO on the Frankfurt Stock Exchange. The deal was the first of two German IPOs this week.
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Iccrea Banca told the euro bond market on Wednesday that it was not looking to issue its debut senior deal until next week, giving investors more time to prepare for the transaction.
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Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas.
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Bank Austria UniCredit (Baca) and Bawag issued tightly priced and exceptionally well subscribed covered bonds this week, reflecting the scarcity of issuance from the region and in their chosen tenors.
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Amadeus IT group, the Spanish travel technology company, and German logistics company Kion Group offered corporate bond investors the chance to pick up riskier debt on Thursday, as the demand for higher yielding securities drives large parts of the primary market.
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The Republic of Bulgaria issued a €2.5bn dual-tranche bond on Tuesday to support its expanding state budget, following a raft of its regional peers which are responding to the Covid-19 crisis with substantial deals.
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Commerzbank and Unipol Group ‘ticked all the boxes’ with their new green senior transactions on Wednesday, amassing large orders from investors.
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UniCredit sold a $1bn non-preferred senior bond in the dollar market this week, as it made further headway on its total loss-absorbing capacity (TLAC) plans for next year.
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Novartis, the Swiss pharmaceutical company, is set to join the nascent sustainability-linked bond market this week after mandating banks for a trade and investors will have another chance to pick up crossover rated debt in a deal from forklift truck maker Kion Group.
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UniCredit Bank Austria (Baca) was set to issue its fastest growing, most subscribed covered bond ever on Tuesday and Sparebank 1 Boligkreditt was posed to bring ts most subscribed deal with its most granular order book ever. Both covered bonds were priced flat or slightly inside fair value and illustrated that market conditions are at the best they've been this year.
