UniCredit

Issuers stick to the Länder rule book to maximise pricing

Supranational takes €5bn in second syndication of April

◆ First euro AT1 in almost two months ◆ Demand is strong but premium required ◆ Changed balance between investors and dealers

Sparkasse Bremen garners surprising demand thanks to ‘thin pipeline’

The German cosmetics retailer fell over 7% below its IPO price on the first day of trading

Deal was oversubscribed with €110m of lead manager orders

The long-end deal is judged to have paid 1bp-3bp new issue premium

Douglas is expected to achieve a multiple of 6.1-6.3 times its 2024 Ebitda

Issuer last brought a green bond in 2022 but has been active via taps

Exor is underwriting the entire capital increase

Sub-sovereign continues to chip away at its €9.6bn annual programme

◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL