UniCredit

UniCredit jumped into the euro market to raise senior funding at a pricing level it found much more familiar than recent elevated levels this week, while BPER Banca gave investors their first chance in several months to buy a new issue from a second tier Italian bank.

Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.

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UniCredit has hired an executive from Zurich Insurance as head of group ESG strategy and impact banking.

Snam, the Italian gas network company, issued a €500m transition bond on Wednesday, which was three times oversubscribed and priced through its curve, suggesting that this controversial instrument is of interest to many investors.

Tom Tailor, the German fashion brand, has signed a €100m loan guaranteed by the federal and regional governments. It has also extended its existing bank line, although the company says it will not be enough to stave off insolvency at holding company level.

BPER Banca opened books for its inaugural sale of senior debt on Wednesday, giving investors their first chance to buy into a new issue from a second tier Italian bank during the Covid-19 pandemic.

UniCredit is only the second Italian bank to have accessed public primary bond markets during the coronavirus pandemic, but other lenders from the periphery of the eurozone are now lining up to bring deals of their own.

Hella, the German car parts maker, has signed a €500m syndicated revolving credit facility, as lenders highlight the sector as one of the most likely to feel long-term economic damage from the coronavirus pandemic.

La Banque Postale and Société Générale took advantage of favourable conditions in the financial institutions bond market on Monday to launch non-preferred senior deals in euros and make progress towards completing their 2020 funding plans.

Three European companies, one of them a high yield issuer, jumped into the corporate bond market on Friday, the first to test the waters after the European Central Bank's promise the previous day to top them up with another €600bn of liquidity through its Pandemic Emergency Purchase Programme (Pepp). They found overwhelming demand, leading to fast sales, an increase and deeply negative new issue premiums.

Europe’s high grade corporate bond market saw a steady stream of trades this week, with the bigger than expected fresh wave of bond buying announced by the European Central Bank forecast to keep the rally in corporate credit going.