Europe

Two UK leveraged loans that borrowers launched shortly before the UK referendum have ended in contrasting results, with one closed successfully and the other pulled.

Seven bonds will be deliverable into an auction to settle credit default swaps referencing Portugal Telecom International Finance, the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee has ruled.

Construction company Salini Impregilo was the second Italian borrower in the high yield market on Monday, as a fortnight of no issuance ended.

Russia sold a 10.9% stake in Alrosa, the world’s leading diamond miner, via an accelerated bookbuild which began in the evening on July 6, announcing the pricing on Monday this week.

Italian gaming operator Sisal on Monday started a roadshow for the all-bond funding of its buyout by CVC Capital Partners, in a high yield market still stunned by the Brexit vote.

Banks considering ‘tier three’ issuance will be buoyed by the recent performance of Nykredit’s senior resolution notes, which have already traded well and helped the bank attract a rating upgrade.

ING has appointed Greg Arkus as its new UK head of financial institutions.

UBS has hired Chris Gibson-Smith, former chairman of the London Stock Exchange, as vice chairman of corporate client solutions EMEA, the firm's investment banking businesses.

Four banks will underwrite the $1.25bn loan for UK investment firm Melrose's acquisition of Nortek of the US. It is the largest acquisition announced by a UK company since the country voted to leave the EU on June 23.

Two block trades were successfully placed in Europe this week, including a small stake in Italian multi-utility Hera that was snapped up very quickly on Thursday night.

Bookbuilding for the €805m IPO of Enav, the Italian state air traffic control network, will begin on Monday, July 11, the Ministry of Economy and Finance said in a statement late on Thursday evening.

Mathias Noack, who oversees syndicated loans at UniCredit, will become head of syndicated loans at BTMU in London. UniCredit is looking for Noack’s replacement.