Platform executes 29 bond deals, alongside first liability management for US client.
UniCredit DCM Americas recently capped off a strong third quarter which led to the execution of 29 bond deals - eight of which EUR denominated, twenty USD bonds and one GBP note.
Key highlights included multi-tranche active bookrunner roles for General Motors Financial and Linde, as well as the bank's first liability management mandate for a US client, a EUR 300m buyback for chemical company Celanese.
In each case, a combination of coverage excellence, leading advisory and institutional distribution capabilities and a commitment to long-lasting relationships led to positive outcomes for clients.
Linde's EUR 1.9bn multi-tranche senior bond
In its capacity as active bookrunner, UniCredit led a multi-tranche EUR deal for Linde, the world leader in industrial gases, for the second time in a row. For refinancing purposes, Linde issued a EUR 1.9bn multi-tranche senior bond with 5y, 12y and 30y tenors. The transaction was Linde's second EUR capital market appearance after the merger of Linde AG and Praxair Inc., and the largest Linde bond deal since 2007. Benefitting from its strong German footprint and successful capital market history, Linde's high-quality final orderbooks were characterized by large investor accounts and an impressive spread on the 30y tranche, the lowest ever achieved by a single-A rated corporate for that tenor and the second lowest among all corporates.
General Motors Financial Company, Inc. EUR 600m and GBP 300m dual-tranche
Again as active bookrunner, UniCredit successfully supported General Motors Financial Company, Inc., a global provider of auto finance based in the US, launching a 6y GBP 300m and 7y EUR 600m dual-tranche senior bond. The transaction was GMF´s second EUR offering in 2021. Supported by a strong German bid, the deal showed solid granularity in terms of investor distribution.
Celanese tender offer and new EUR 500m bond placement
After recommending US chemical company Celanese capitalize on strong market momentum with an opportunistic EUR issuance in combination with a bond buyback, the company decided to move at the end of August. Celanese announced a tender offer for its EUR 750m bond due Sep 2023 and the intention to issue a new EUR benchmark senior bond in conjunction with the cash tender. The purpose of the offer was to proactively manage the company's debt maturity profile. UniCredit successfully supported the tender offer as active dealer manager, closing with a hit ratio of 55% (orders of EUR 413m). With additional cash needs of EUR 200m, the issuer combined the tender offer with a new offering of EUR 500m 7y notes, a transaction in which UniCredit acted as passive bookrunner.