Barclays

The IPO of Enav, the Italian air traffic control system, is progressing steadily, despite the shock of the UK’s decision to leave the European Union, which has sent share prices whizzing in all directions.

British American Tobacco and Brown Forman gave the sterling corporate bond market a much needed boost on Thursday as both brought benchmark transactions to enthusiastic investors.

Spanish renewable energy and engineering company Elecnor kept the margin unchanged as it refinanced €600m of loans.

European levloan investors snatched up Logoplaste’s €570m of acquisition loans, with many making reverse enquiries for the deal.

Electricité de France has named 16 banks to underwrite its €4bn rights issue, of which €3bn will be bought by the French government.

The two IPOs live in the European market are both progressing steadily, despite the shock of the UK’s decision to leave the European Union, which has sent share prices whizzing in all directions.

Equity capital markets bankers who have been hankering after a long holiday know that this summer is the time to take it. While investors are glued to their screens watching the aftershocks of the UK’s Brexit referendum playing havoc with their portfolios, new deals are almost entirely out of the question.

Barclays has hired a managing director from Morgan Stanley to join its distressed debt business.

Amid the chaos in global markets on June 24, the IPO of Veneto Banca reached its expected conclusion: the book closed almost empty and the listing was cancelled, leaving Fondo Atlante, the Italian bank rescue fund, to provide the €1bn of capital Veneto had to raise.

Market participants struggled to assess the fallout from the UK's EU membership referendum on Monday, with fears over rates, politics and portfolios all heaping further pressure on subordinated bank debt.

European bank debt was thrashed in the wake of the UK's vote to leave the European Union on Friday morning. And though the panic hasn't matched that seen in February, when concerns on AT1 coupon payments triggered a selloff, the worst may be yet to come as markets face unprecedented governmental change.

Ten banks participated on Wednesday in an auction to determine settlement prices for credit default swaps on Norske Skog, the Norwegian publishing paper manufacturer, after it triggered a restructuring credit event in April.