UniCredit
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Energie Baden-Württemberg, the German electricity company, has signed a new €1.5bn sustainability-linked revolving credit facility, marking the end of a busy week for the company in raising environmentally conscious debt.
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Austria returned to the 100 year part of the curve — a tenor it has made its own — receiving its strongest ever order book for the maturity. -
LEG Immobilien, the German residential landlord, has raised €823m via the sale of new shares and convertible bonds to fund the acquisition of new properties amid heightened investor interest in the sector.
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Austria mandated banks on Tuesday to lead its second century bond, in what will be a litmus test for investor appetite in the ultra-long end of the curve since the outbreak of the Covid-19 crisis.
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BBVA is the latest large European bank to have suffered a ratings downgrade during the Covid-19 pandemic, with Fitch having moved the issuer’s debt ratings down by a notch blaming a weaker operating environment in Mexico and Spain.
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UniCredit opened books on Tuesday for what could be its last capital transaction of the year. The bank favoured the dollar market for its new tier two, having sold a senior transaction in euros only last week.
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Europe’s high grade corporate bond market has started the week on the front foot, with a mixture of deal types for investors to snap up including a rare chance to grab yield on a green bond.
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Gunvor, the Swiss commodity trader, has signed a €450m sustainability-linked facility, pushing its environmental, social and governance-linked bank lines signed this year up to almost €1.1bn-equivalent.
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Five banks and insurers from across Europe issued senior debt this week, including two in green bond format, as they tried to find opportunities in a choppy market. Athene Global Funding, Banco de Sabadell, Virgin Money, Santander and Hypo Noe all priced deals.
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DZ Hyp managed to attract a healthy order book for a €1bn eight year deal issued on Wednesday, a day before a more narrowly subscribed €1bn 10 year from UniCredit’s German subsidiary, HVB.
