UniCredit

European investment banks are playing catch-up, even on home turf. Which of them are best placed to challenge the US leaders?

◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year

◆ Appetite for credit attracts trio to senior market despite weaker backdrop ◆ But face-to-face execution between two similar deals underlines limits for non-major global bank issuers◆ UniCredit diversifies funding with rare floater

The path to a capital markets union will inevitably pass through a pan-European banking union

◆ Eleventh sustainability bond helps issuer close in on funding target ◆ Twice covered book signals steadier euro market ◆ Supply slowdown is "creeping in"

◆ ‘Blow-out book’ for regional issuer ◆ Attractive spreads versus swaps, OATs ◆ Minimal new issue premium paid

◆ The new pecking order in eurozone government bonds ◆ Can the bond market build Britain? ◆ UniCredit v Commerzbank: after Orcel's gambit, the Orlopp defence

Commerzbank’s new chief executive Bettina Orlopp has limited options to defend the bank — unlike UniCredit in attacking it

Big step forward in UniCredit’s attempt to control Commerzbank

Banks will have had difficult choices to make

◆ New rate cycle begins at last ◆ Can Deutsche Bank avoid being overtaken by UniCredit? ◆ Carmakers in trouble ◆ The DLT help no one wanted

UniCredit’s raid to buy 9% of Commerzbank gives Deutsche three choices — all unattractive. But one is clearly less bad than the others