UniCredit
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The European Union impressed as it sold its highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday, with the deal receiving record breaking demand at minimal new issue premiums. -
Swiss duty free operator Dufry has finished its Sfr820m at-market rights issue, which has enabled Advent International and Chinese e-commerce firm to take large strategic stakes in the company.
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The European Union finally hit screens on Monday afternoon to announce the highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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The European Stability Mechanism wasted no time in getting its final trade of the year done on Monday ahead of the European Union’s highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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Italian insurer UnipolSai Assicurazioni will be hoping to launch its first restricted tier one (RT1) bond this week, after which it could retire a pair of its lower quality tier two instruments.
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It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.
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FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.
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High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
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Austria built a large order book as it came to the market for its final syndication of the year on Thursday, ahead of the expected arrival of the European Union as a mega borrower next week.
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Veolia, the French water and waste company, and Spanish telecoms infrastructure firm Cellnex were out with crossover rated debt on Wednesday, giving investment grade corporate investors a double chance to pick up spreads at the higher end of their remit.
