UniCredit

Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.

Buzzi Unicem has returned to the Schuldschein market, looking for at least €100m of debt in four maturities. The pricing levels are tighter than on the Italian cement and concrete group’s debut Schuldschein in 2017. Bankers thought this was thanks to investors' growing familiarity with the borrower, as well as a rating upgrade from Standard & Poor's.

Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.

The Republic of Austria received huge investor demand for its five year euro benchmark on Wednesday, despite the bond being priced with a yield below the European Central Bank’s deposit rate. The sovereign also took advantage of the rally in eurozone government bond yields to tap its outstanding century bond for a further €1bn.

UniCredit brushed aside any volatility in the broader Italian capital markets to issue its second senior transaction in as many weeks on Wednesday, getting away without paying a premium to its investors.

The Republic of Austria hired banks on Tuesday for a five year syndicated bond while seeking investor feedback for a 100 year issue as it looks to lock-in super cheap funding following the recent rally in eurozone government bond yields.

UniCredit AG issued its first dollar Pfandbrief on Tuesday, shortly after DekaBank had quickly wrapped up a sub-benchmark eight year. The two deals followed an inaugural sub-benchmark seven year from Slovakia’s Tatra banka that was priced on Monday.

UniCredit’s German subsidiary, HVB, has mandated leads for the first dollar covered bond in its 150 year history reflecting a preference to avoid issuing a negative yielding euro benchmark.

Switzerland’s Ameropa has signed a $600m revolving credit facility, with the privately owned agricultural business bumping up the size of its syndicated bank line and bank group.

CTP, a commercial real estate developer based in Czech Republic, has signed a €1.9bn loan in one of the largest real estate packages to enter the syndicated loans market in central and eastern Europe ever.

DCM bankers say that market conditions are just right for some of Europe’s smaller and more marginalised financial institutions to bring new bond deals ahead of the summer.

An innovative senior bond sold by UniCredit this week showed how blurred the lines have become between what is up for grabs in a resolution and what is not.