UniCredit
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Europe's corporate bond market is sauntering towards the holidays at a gentle pace, with spreads slightly wider and no one in a hurry. But deals are still available for issuers that want them. -
Günter Schubert will take over from Dieter Hengl as head of UniCredit’s corporate and investment bank in Austria.
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SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.
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Eurochem, a fertiliser company registered in Switzerland, hit screens last week for a pair of rouble-denominated bonds, raising a combined Rb20bn at a level inside its curve.
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Acciona, the Spanish infrastructure and renewable energy company, appealed to investors with its green, triple tranche Schuldschein offering, which closed last week at €155m.
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A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.
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This week saw barnstorming trades from Italy and the European Financial Stability Fund (EFSF) in euros with the long end of the curve proving to be the strong end, and now rumours are swirling around the prospect of a Greek sovereign deal.
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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.
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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.
