Barclays

It was a rough day for stocks on Wednesday, but a great day for equity capital markets, with two convertible bonds launched and priced — the first since the UK’s vote to quit the European Union was revealed on June 24. They came on top of a roaring reception for Melrose Industries’ announcement of a £1.7bn rights issue for an acquisition in the US.

The European investment grade corporate bond market has been ticking along like a metronome this week, printing a steady deal a day. And encouragingly, big deals have returned.

After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday.

The Bank of England cut the UK’s countercyclical buffer requirement with immediate effect on Tuesday, softening risks associated with payments on additional tier one (AT1) debt.

Pier Carlo Padoan, Italy’s finance minister, who has had his days full dealing with the stress in the country’s banking system, has still not officially announced whether Italy will proceed with the IPO of Enav, the country’s air traffic control system.

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.