As every year in January, the broadcasters' rush to procure funds continues, highlighting the significant abundance of liquid assets by the institutional investors to whom the emissions are addressed. After all, i rates the highest peaks of recent months are slowly smoothing out and it is a little more convenient to refinance. However, issues aimed at the sector are still lacking retail audience, which usually characterized this part of the year.
After opening 2024 with Eni, Mediobanca and Generali, here we are in the field Unicredit need B for Bank, which issue two subordinated bonds for institutional investors who have requested a total of around 6 billion euros.
Unicredit places a Tier 2 bond in the 5,45% area
UniCredit has placed a Tier 2 subordinated bond, the first of this type issued by Piazza Gae Aulenti since 2020, for an amount of 1 billion euros. The bond, reserved for institutional investors, has a maturity of 10 years and 3 months (April 2034), but can be called after 5 years and 3 months and pays a fixed coupon of 5,375% until April 2029. The issue price is of 99,847%, equivalent to a spread of 280 basis points compared to the reference swap rate, reduced during the placement, given the large influx of orders from the initial 315 bps. There were more than 200 investors and orders exceeded 3 billion euros.
If the issuer does not exercise the call option, the coupon will be reset based on the 5-year swap rate applicable at that time, increased by the initial spread. The final allocation saw the prevalence of funds with 67% and the following geographical distribution: UK (31%), France (18%), Italy (14%), Nordic countries (10%) and Germany/Austria (10%). %). UniCredit Bank held the role of Global Coordinator and Joint Bookrunner together with Barclays, BNP, Mediobanca, Morgan Stanley, Santander and UBS.
Bper chooses the perpetual bond and places 500 million
Bper Banca in turn placed a perpetual bond (AT1) of 500 million and a fixed rate of 8,375% at closing (after a start at 9%). Demand from institutional investors is over 3,2 billion euros. The issue is callable on 16 July 2029 at 100. The minimum investment starts from 200.000 euros. Bookrunners for the placement are: Barclays, Deutsche Bank, IMI (Intesa Sanpaolo), Mediobanca, Morgan Stanley, Ubs.
Last Monday, January 8th, they were 3 billion euros issued in securities divided into 1 billion Eni bonds, 750 million covered bonds by Mediobanca and two Generali bonds of 500 and 750 million euros
