UniCredit

UniCredit returned to profit in the second quarter with a larger pool of excess capital to reward shareholders from next year, if the European Central Bank gives its permission.

Polish oil refiner and petrol retailer PKN Orlen has raised a revolving credit facility. The Polish corporate is in the process of acquiring two fellow Polish energy corporates, as bankers predicted an uptick in M&A activity.

The Loan Market Association is not looking at producing documentation for social revolving credit facilities, adding to the likelihood that the first-of-its-kind Covid-19 facility for Suez last week will remain a rarity in the market.

Suez, the French utility, signed what it claims to be the first ever social revolving credit facility, using elements of green and sustainability-linked financing to create a new Covid-19 era structure to mitigate some of the financial fallout from the coronavirus pandemic.

Erste Abwicklungsanstalt (EAA) is considering a return to the euro market in the fourth quarter to complete its funding programme.

Northvolt, the Swedish battery maker, has signed a $1.6bn credit facility. A range of lenders — from commercial to governmental — piled into the deal, which will effectively create a new industry in Europe.

Phoenix Pharmahandel, the German pharmaceutical company, issued a five year euro-denominated bond on Wednesday, as pharma companies across the credit spectrum continue to hold investors’ attention.

STMicroelectronics, the French-Italian semiconductor maker, has raised $1.5bn through the sale of new convertible bonds, the company said on Tuesday.

German pharmaceutical company, Phoenix Pharmahandel (Phoenix Group), held investor calls on Monday after mandating banks for a sub-benchmark sized offering in euros. The deal is the latest stab at funding by a pharmaceutical company — a sector which has lured greater numbers of investors thanks to the coronavirus pandemic.

Wordline, the French payments company, has returned to the equity-linked market to sell a new five-year €600m convertible bond at a negative yield.

A burst of additional tier one (AT1) supply this week showed that financial institutions will be keen to take advantage of every funding window available this summer, despite having made substantial progress on their annual issuance plans.

Azzurra Aeroporti, an acquisition vehicle that bought a majority stake in a French airport, made its debut in the bond markets on Tuesday, achieving decent demand despite some dire warnings emerging about the medium term future of industries linked to air travel.