UniCredit

The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.

Lesser-known Italian financial institutions have moved to the front of the pipeline in the financial institutions bond market, as larger and more frequent funders begin slipping into blackout periods ahead of reporting third quarter earnings.

Jean Pierre Mustier, chief executive of UniCredit, said on Thursday that European banks were being put at a disadvantage by minimum requirements for own funds and eligible liabilities (MREL), as it overburdens subsidiaries of cross-border banking groups.

Raiffeisenlandesbank Niederösterreich-Wien (RLB Noe Wien) found the euro primary market to be quiet but bullish this week, allowing it to launch a new senior unsecured bond at what lead managers saw as a fair pricing level.

Banca Farmafactoring, an Italian financial institution with a specialism in factoring services, is preparing its first rated offering of debt in the capital markets after spying an opportunity to take advantage of ‘favourable’ conditions for issuance.

CK Hutchison, the Hong Kong conglomerate, took more than €10bn of orders on Tuesday for a six-tranche bond in euros and sterling as it opted not to squeeze the pricing as much as other recent deals.

Europe's high grade corporate bond new issue market has opened the week smartly, with almost €2bn of debt raised, as borrowers nip into the market before earnings blackouts interrupt new issuance.

Enel has followed up its ground-breaking sustainability-linked bond, issued in early September, by signing its first revolving credit line with a similar format. The Italian electricity and gas company is doubling down on its commitment to increasing its renewable generation capacity by the end of 2021.

Raiffeisenlandesbank Niederösterreich-Wien (RLB Noe Wien) is looking to raise new senior unsecured funding, as bankers begin predicting a quieter period for supply in the euro market.

Banco Santander hit screens this week to sell its first green bond. The deal attracted orders more than five times its €1bn size.

Rating: Baa1/BBB+/BBB

Commerzbank has come through a period of intense scrutiny with a no-nonsense strategy that reflects its culture. A dash of investment banking ambition is thrown in, writes David Rothnie.