UniCredit
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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. -
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.
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A renewed appetite for risk was felt in Europe's corporate bond market this week, after US president Donald Trump appeared to have made overtures to the leaders of China and North Korea. Two issuers took advantage: Merck of Germany, with an acquisition financing, and ArcelorMittal, with a modest tap.
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Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.
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HTM Sport, the Austrian subsidiary of sports and clothing brand Head, has returned to the Schuldschein market looking for debt in euros and dollars.
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Schuldschein borrowers, with the help of arranging banks, are for the first time offering different pricing ranges on issues of fixed and floating rates, as the market tries to find ways of dealing with the prolonged period of negative interest rates.
