UniCredit
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FinecoBank was more than nine times subscribed for its first ever sale of an additional tier one instrument on Thursday, despite pricing the deal at a level that was lower than what might have been expected for a similar offering from UniCredit, its former parent. -
Investors piled into euro trades from Italy and the European Financial Stability Facility on Tuesday, with around €25.5bn of demand for the names as more issuers line up.
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Romania entered a crowded euro bond market on Tuesday, with 12 and 30 year papers. The deals may be among the last euro issues from the emerging markets before the summer lull.
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UniCredit has sold the last of its stake in FinecoBank, its online brokerage business, for €1.1bn. This paves the way for chief executive Jean Pierre Mustier to present a new three year business plan to the markets in December.
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UniCredit has hired for a range of posts in its financing and advisory team, including roles in infrastructure, high yield, debt origination and as head of the Asia Pacific region.
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Corporate bond issuance in Europe has slowed, though demand remains strong, as evidenced by new issues on Monday for A2A, the Italian multi-utility, with a debut green bond, and Logicor, the warehouses group. Bankers expect appetite to remain steady but for the pace of issuance to be more sedate than in recent weeks.
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Italy has hired banks to tap its 2.8% March 2067 BTPs, as the week's supply of long term euro debt shows little sign of abating.
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Ferrovie dello Stato Italiane, Italy's state railway company, launched a €700m seven year green bond into an otherwise empty corporate bond market on Thursday. The Independence Day holiday in the US kept markets quiet this week, and eager investors may be frustrated next week too.
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Fineco Bank is lining up the sale of a €200m additional tier one (AT1) bond after recently becoming independent from UniCredit — a deal that will make it only the fourth Italian issuer to raise capital in the asset class.
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Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
