UniCredit
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The financial institutions bond market had its Roger Bannister moment this week, as Deutsche Kreditbank broke the zero yield barrier for the first time. Now that a German borrower has lifted the negative yield taboo, bankers expect even deeper yielding deals could follow.
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Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads this week, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.
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UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.
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Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads on Monday, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.
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Trafigura, one of the world’s largest commodity traders, has closed a Schuldschein issue in a debut that surprised many in the market. The deal shows there is an appetite for unusual credits among some of the market’s investors. Trafigura’s group treasurer told GlobalCapital that this SSD is only the first from his company.
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Deutsche Kreditbank (DKB) has broken the zero yield barrier with its latest deal, a €500m five year green senior preferred bond issued on Monday.
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The Spac craze that has swept US stock markets has spread to Europe with a new vehicle called Pegasus set to be listed in Amsterdam. The Spac is led by former UniCredit CEO Jean-Pierre Mustier, LVMH founder Bernard Arnault and Tikehau Capital and is expected to prompt a wave of new issuance, according to sources speaking to GlobalCapital.
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Cellnex, the acquisition-hungry Spanish telecoms infrastructure company, proved the demand for riskier corporate debt on Tuesday, when its €2.5bn bond issue won applause for pushing a crossover credit out to a 12 year maturity.
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SpareBank 1 SMN’s second green bond, priced on Thursday, is set to spark a flurry of similar green deals as issuers try and take advantage of the demand on offer for labelled debt — even at near-term tights.
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Norway’s Sparebank 1 SMN is set to return with its second green bond in the coming days, becoming the third Nordic issuer to tap the public market this year.
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Prada, the Italian fashion house, has made a return to the sustainability-linked loan market, becoming one of the few borrowers in Europe to sign a second deal that links the margin it pays to its sustainability performance.
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Cellnex, the acquisition-hungry Spanish telecoms infrastructure company, proved the demand for riskier corporate credit on Tuesday, while Akelius, a Swedish residential property management company, was able to increase the size of its deal during book building, as syndicate bankers expect issuance this week to top €10bn.