UniCredit
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UniCredit’s raid to buy 9% of Commerzbank gives Deutsche three choices — all unattractive. But one is clearly less bad than the others -
◆ UniCredit-Commerzbank news unlikely to have an impact ◆ Fair value thoughts revealed ◆ Deal to be priced on Wednesday
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◆ UniCredit and Orcel quackers for Commerzbank ◆ Draghi aims his bazooka at CMU ◆ A new dawn for corporate hybrid capital
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Deal would lead to heavy cost cuts, but could create strong competitor
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As in Mustier’s day, Commerz ― and European banking sector ― are in play
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◆ Analysts lower UniCredit AT1 recommendation ◆ Senior spreads could converge ◆ Are there other takeover targets?
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UniCredit has bought 9.9% of Commerzbank partly through a block trade, founder sells his Jet2 stake and natural resources company raises capital for growth M&A
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◆ Issuer ups size on one tranche ◆ ‘Exceptionally strong’ day for euros ◆ Bloc has much more to raise
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◆ Italian bank returns after years of calls but no replacements ◆ Tight pricing cemented on super-scarcity status ◆ Austria’s Bawag gearing to increase capital with new issue and tender
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◆ Limited sized deal attracts ‘very good book’ ◆ ESM curve tight, E-supra bonds referenced ◆ €2bn left to do this year
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Tone is ‘not exactly great’ for the primary SSA market this week
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◆ Bankers away from mandate hail sale ◆ Issuer pays zero new issue premium on both legs ◆ Belfius extends green senior preferred curve
