UniCredit

Italy’s BPER Banca was more than three times subscribed for a small tier two deal on Wednesday, as sub-benchmark transactions prove more popular than usual in the euro market.

Gategroup, the Swiss airline hospitality company, has negotiated with lenders to extend the maturity on its syndicated loan facilities as part of a major debt restructuring for the Covid-battered firm.

Mediobanca was swamped with orders for a small tier two on Monday, as investors welcomed a rare opportunity to gain subordinated exposure to the Italian bank. Its deal was further supported by another positive development in the race to roll out a vaccine for Covid-19.

Gunvor, the Swiss energy trader, has signed a $1.225bn European revolving credit facility, having increased it after asset-hungry lenders oversubscribed the loan during syndication.

KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.

Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.

Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.

Klépierre, the French shopping centre operator, and car finance bank FCA Bank pulled in solid bond issues on Monday, as a wave of market-friendly news is expected to increase opportunistic issuance in the coming weeks.

UniCredit’s CEO Jean Pierre Mustier delivered an upbeat assessment of the bank’s third quarter results on Thursday, confirming its profit and provisioning guidance for the year, though debt capital markets revenue sagged.

Banca Monte dei Paschi di Siena confirmed on Thursday that it was looking at options to strengthen its capital position, with the full support of the Italian government. Trading had already been heating up in its tier twos, as investors have been forced to consider whether a capital raise will require burden sharing under EU state aid rules.

Leonine, the German film and television production company, has signed loans totalling €189m, as some lenders say the market is likely to wind down early this year after the feast of bridge financings in the second and third quarters.

Trading in Banca Monte dei Paschi di Siena’s tier twos has heated up this week, following reports the Italian lender is looking for a new capital raise as well as a merger deal.