UniCredit
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Europe’s high grade bond investors are set to be offered new bonds from both ends of the ratings spectrum this week, as A2 rated air traffic controller Nats (En Route) and fallen angel car parts company ZF Friedrichshafen planned deals. -
Hochtief, the German construction company, has followed up its bond outing with a revolving credit facility. The deals see the company take on around €750m of debt in the run-up to its annual general meeting.
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Europe’s corporate bond market hosted a debut sustainability-linked bond and two multi-part trades this week, despite overall issuance winding down as earnings season gets under way.
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Aeroporti di Roma made its debut in the sustainability-linked bond market on Thursday, with a structure that allows for several shades of performance, rather than the simple flat rate 25bp coupon step-up usually used.
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Iberdrola, the Spanish utility, and Clarion Housing, the UK housing association, became the latest companies to sign loans using risk-free rates instead of Libor, as more deals are signing that ditch the scandal-ridden benchmark from day one.
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Iberdrola, the Spanish utility, has signed a €2.5bn sustainability-linked loan, becoming the first Spanish company to use risk-free rates as a benchmark instead of Libor.
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The new boss of UniCredit is widely expected to use his deal-making skills to transform the Italian lender, but will he look to revitalise its corporate and investment bank, asks David Rothnie.
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The European Union coasts through its €4.75bn 15 year transaction under its European Financial Stabilisation Mechanism programme on Tuesday.
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Sovcomflot, the majority state-owned Russian shipping company, defied some market participants' expectations on Tuesday by coming to market to raise dollar debt just days after a fresh wave of US sanctions on Russia.
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Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.
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