Intesa Sanpaolo
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Munich Re and Unipol Group are lining up new green bond transactions for this week, as they look to replicate the success of similar deals and gain a ‘pricing advantage’ in the market. -
Issuance in Europe’s high grade corporate market trended towards high beta names this week, with a spate of deals from riskier names, including the first outing for German fallen angel ZF Freidrichshafen since its downgrade.
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Banco BPM struggled to build much of an order book behind a new tier two bond this week, with bankers arguing that investors have become more selective with their exposures to southern European names.
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Italian lender Credito Emiliano opened books on a new €200m tier two on Wednesday, as it looked to improve its financial position in a strong market for subordinated debt.
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Commerzbank did not pay a premium to launch its new additional tier one (AT1) this week, as it found strong demand at the long end of the curve. The bank was returning to the market just three months after its last deal in the format.
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Banco BPM opened books for a new tier two on Monday, as it looked to take advantage of supply and demand dynamics in a quieter September than usual.
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KBC was marketing a fixed-to-floating rate note on Thursday. Strong demand allowed it to tighten pricing by 15bp during execution.
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The Arab Republic of Egypt has secured its debut syndicated conventional and Islamic facility from a range of local and international lenders as it attempts to support the state budget, which has come under major pressure during the coronavirus crisis.
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Mediobanca was able to attract demand seven times the size of its new €500m senior bond on Tuesday, which was its debut green deal. The high demand allowed the issuer to launch with a negative new issue premium based on its conventional curve.
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Rating: Baa1/BBB/BBB-
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FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.
