UniCredit

UniCredit’s plan until 2023, revealed in London on Tuesday, involves rewarding shareholders with larger distributions on the back of a growth in revenue. The payment of these distributions will be given greater protection, thanks to the creation of a new intermediate holding company to lessen the bank’s regulatory capital burden. Meanwhile, chief executive Jean Pierre Mustier was clear that large M&A does not form part of the bank’s plans.

Italgas, the Italian gas distributor, issued a €500m 12 year bond on Monday, although syndicate bankers said they expected deal flow to diminish to a trickle over the week.

Mediobanca was looking to sell its second six year senior bond of 2019 on Monday, revealing its preference for deals in the belly of the maturity curve.

The Bank of Italy will require Banca Monte dei Paschi di Siena to maintain higher capital buffers from next year, after finding that it has become more complex and interconnected within the financial system.

Italy printed an €800m 20 year inflation linked private placement on Thursday, satisfying demand from a single investor.

After a day of global investor calls on Tuesday, Gas Networks Ireland and Radiotelevisione Italiana (Rai) launched sub-benchmark bonds on Wednesday morning. That followed a deal by Tamburi Investment Partners on Tuesday.

Italy’s Tamburi Investment Partners brought a sub-bechmark five year trade on Tuesday, with similar deals for Gas Networks Ireland and Radiotelevisione Italia waiting in the wings.

Sanlorenzo, the Italian maker of luxury yachts, is hoping to succeed where its competitor Ferretti failed, having fixed a price range for its €192.5m IPO on the Borsa Italiana, which values the company at up eight times its forward Ebitda, people familiar with the matter said.

Switzerland’s Also Holding has signed a €300m revolving credit facility, with the B2B technology company making the step from bilateral to syndicated lending.

Italian banks have made the most of improving market conditions in 2019, with the average cost of five year senior debt having fallen by 40bp in the last six months, according to Bank of Italy data.

Austrian bank Raiffeisenlandesbank Oberoesterreich has visited the MTN market to print a rare constant maturity swap (CMS) linked note - its first since 2018, according to Dealogic.

Financial institutions bond bankers expect that new deal flow will come to a standstill in the primary market at the end of next week, as investors close the lid on an agreeable year for returns.