UniCredit

Triple-B rated companies piled into the bond market on Tuesday, as RCI Banque, Fresenius and General Mills raised €2.1bn between them.

A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.

The Republic of Slovenia became the first CEEMEA issuer to print a bond this decade, quickly launching a €1.5bn deal from a book of €11.75bn on Tuesday.

Italian football club Juventus has finished its €300m rights issue, which is intended to strengthen its balance sheet after an annual loss in 2018.

Telefónica Deutschland has signed a €750m environmental, social and governance-linked (ESG) loan, as sustainability financing continues to gain a foothold in a country that has until now been slow to take up the structure.

Big European investment banks pivoted towards the Americas during 2019 in an attempt to boost revenues and position themselves for the next downturn, writes David Rothnie. With large M&A across the industry still off the table, banks are finding scale through joint ventures and alliances.

Italian superyacht maker Sanlorenzo was buoyant in trading on Tuesday after the company made its debut on the Borsa Italiana. However, the stock was under water by the close on Thursday, on very thin trading volumes.

Andrea Enria, chair of the European Central Bank’s supervisory board, has confirmed that eurozone banks will be able to include subordinated debt as part of their Pillar 2 capital requirements. The resulting 90bp improvement in common equity tier one (CET1) buffers could help to offset "unwarranted consequences" from the implementation of Basel III, he said.

The European Central Bank has the power to decide the ultimate impact of the Basel III rules in Europe.

The fight to influence the way in which EU lawmakers implement the final Basel financial rules is heating up towards the end of 2019, with lobbyists tussling over the potential impact on the European banking sector.

Algebris Investments has launched a new fund to buy investment grade securities issued by global financial institutions. It is looking to profit from a sector that it sees as being undervalued compared with every other area of credit.

JAB Holding, the consumer products holding company, steepened its credit curve this week with its dual tranche bond, as it preferred securing demand over squeezing investors on pricing.