UniCredit
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European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window. -
European banks are trying to lock in funding at longer maturities as they consider whether credit spreads have reached a low point. But demand is less certain at the long end of the market, and some investors are pushing for a higher premium to reflect duration risk.
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Euroclear mistakenly credited investors with interest on one of UniCredit’s legacy capital deals this week, shortly after the Italian bank made a controversial decision to skip the coupon. The asset servicer is in the process of reversing its error.
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Europe’s high grade corporate borrowers piled into the bond market on Wednesday to sell debt before the public holiday weekend in the UK. Investors showed no signs of indigestion on one of the busiest days of the year so far.
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Polymetal, one of Russia’s largest gold producers, has added to its green debt by raising $400m from international lenders
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ABN Amro brushed aside concerns about the bid for long end paper on Wednesday, as it secured a tight spread on a 12 year deal in the euro market. It was joined by a couple of other banks targeting more conventional maturities.
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Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros.
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Bank borrowers returned to a stronger euro bond market on Tuesday, but deal arrangers warned of lingering concern over rates and inflation as KBC Group struggled to draw a crowd for a long-dated offering.
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Volatility subsided amid a series of public holidays in Europe on Monday, raising hopes for a busier week of bank bond supply.
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UniCredit will skip a coupon on one of its legacy capital instruments this month, after stating that a net loss in 2020 means it no longer needs to make the payment. Investors were surprised by the decision, which many saw as a U-turn.
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Mondadori Group, the Italian book and magazine publisher, has signed €450m of loans from four banks, with the borrower slashing 25bp off the margin as competition to lend to mid-caps soars in Europe.
