UniCredit
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Market participants expect banks will return with a flurry of senior transactions after results this week, as rising yields help to lift primary demand. -
A senior ETF manager at Invesco says it has become much harder for active funds to beat additional tier one indices, with the market having grown increasing homogenous in recent years.
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Cellnex, the acquisition-hungry Spanish telecoms infrastructure company, has hired banks for a multi-tranche bond, continuing a fundraising spree that also includes a €7bn rights issue, announced last week.
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Prologis, the US logistics real estate investment trust, and unrated French telecoms company Iliad showed the range of corporate deals on offer this week, with investors pouncing on both trades.
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CaixaBank and BayernLB were able to sail through fair value with green non-preferred senior deals this week, bucking a trend for rising new issue premiums in 2021. Bankers say a lack of supply is finally helping borrowers to exert more power over their pricing.
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Iliad, the unrated French telecoms company, attracted ample demand and twice increased the expected size of its bond during bookbuilding on Thursday, as syndicate bankers say the European corporate market is wide open to all types of issuer.
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Telefónica, the Spanish telecommunications company, showed the depth of demand for green hybrids on Wednesday, with a seven times oversubscribed trade that came a day after a similarly successful deal from compatriot issuer Iberdrola.
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BayernLB was able to close the books on its debut green bond after only three hours on Wednesday, as investors piled into the tightly priced transaction.
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The Italian fashion house Tod’s has signed a €500m sustainability-linked loan, as environmentally conscious financing continues to infiltrate the infamously wasteful fashion industry.
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Sponsored UniCreditThroughout these uncertain times, UniCredit is providing a point of reference for the CEE, thanks to our strong commitment to supporting clients and the region.
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Sponsored UniCreditUniCredit’s Central & Eastern Europe (CEE) division was aware of the threat of Covid-19 early on, and took decisive measures to mitigate its impact.
