Zalando deal marks eighth convertible bond mandate in which UniCredit has acted as Joint Bookrunner in Europe this year,
including four as Joint Global Coordinator.
UniCredit has played an increasingly prominent role in the high-level of European convertibles issuance in recent weeks, raising over EUR 5.2 billion on behalf of key clients.
The transactions elevate UniCredit to #4 in Dealogic's European equity-linked league table and confirm the bank's market-leading position in Germany and Italy.
Commenting on the recent run of deals, Jana Hecker, UniCredit's Global Head of Equity Capital Markets, said:
"The key mandates we have secured of late are testament to the strength of our equity-linked franchise and ability to support clients with tailor-made solutions. In consistently ranking highly in terms of demand generation, we have shown clear capital markets placing power and look forward to playing a prominent role in the market moving forward."
Recent highlights:
- 29 July - Zalando - EUR 1 billion dual-tranche convertible bond
Yesterday, UniCredit acted as Joint Bookrunner in Zalando's EUR 1 billion dual tranche convertible bond issuance. Significant demand by convertible bond investors with an interest in high-quality tech companies led to the book closing shortly after launch. The transaction marked the eighth convertible bond mandate in which UniCredit has acted as a Joint Bookrunner (including four Joint Global Coordinator roles) in Europe in 2020 and the fourth convertible bond mandate of the year in Germany.
- 28 July - STMicroelectronics - USD 1.5 billion dual-tranche convertible bond
Earlier this week, UniCredit acted as Joint Global Coordinator and Joint Bookrunner in STMicroelectronics' USD 1.5 billion dual tranche convertible bond issuance. Balanced demand and a healthy mix of investors allowed STM to price at the mid of the range, reaching favourable terms, with the 5yr and 7yr pricing at a 47.5% and 52.5% premium respectively. UniCredit ranked second in terms of demand generation, reaffirming the bank's equity and equity-linked credentials.
- 23 July - Worldline - EUR 600 million convertible bond
UniCredit acted as Joint Bookrunner in Worldline's EUR 600 million five-year convertible bond issuance. Strong demand from a mix of both multi-strategy and outright investors allowed the company to tighten the marketing range and price at the mids, with the original size of EUR 500 million increased to EUR 600 million - signifying both the underlying demand in the equity-linked market and scarcity of high-quality paper.
- 7 July - Delivery Hero - EUR 1.5 billion dual-tranche convertible bond
UniCredit acted as Joint Global Coordinator and Joint Bookrunner in Delivery Hero's EUR 1.5 billion dual tranche convertible bond issuance. The transaction structure allowed Delivery Hero to raise significant proceeds at a low cost of financing and extend its maturity profile given strong stock performance. On the back of impressive demand and a balanced order book, Delivery Hero was able to price at the middle of the range. The transaction marked the second dual-tranche convertible bond in Germany in 2020, second in size only to the EUR 1.75bn convertible bond in January by the same issuer.
- 24 June - LEG Immobilien - EUR 550 million convertible bond and EUR 305 million ABB
UniCredit acted as Joint Global Coordinator and Joint Bookrunner in LEG's EUR 500 million convertible bond and EUR 273 ABB. In addition, EUR 32 million was placed as part of delta hedge in combination with the convertible bond offering. Following a one day wall crossing exercise with equity-linked and equity investors, books were well covered on both legs and multiple times oversubscribed within a short period of time. UniCredit ranked first in terms of demand generation for both the convertible bond and ABB legs, acting as a trusted advisor to the company throughout the structuring of the transaction.