Italy
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Jean-Pierre Mustier’s had a busy first month at UniCredit. Already, the new CEO has launched a strategic review, sold 10% each of FinecoBank and Bank Pekao, made a host of senior appointments and scrapped two-year-old talks with Santander about combining their asset management businesses.
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Back in July 2010, not long after the first Greek bailout, results of stress tests conducted by the Committee of European Banking Supervisors (the predecessor of the EBA) were released on the EU’s banks. They didn’t make for happy reading.
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The downward spiral of euro periphery borrowing costs on Thursday showed no signs of slowing. For the second month in a row, Italy sold five year paper at a record low yield -
A strong second quarter performance in fixed income trading has bolstered BNP Paribas’ corporate and investment banking results and helped cushion falls in its equities business and domestic retail banking arm.
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UniCredit is considering a possible flotation of its asset management business Pioneer Investments, after talks with Santander about a merger with Santander Asset Management failed.
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Terna, the Italian electricity grid company, has signed a €500m five year revolving credit facility, a year after repaying a previous club deal.
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Pirelli, the Italian tyre manufacturer, has completed a €4.8bn loan refinancing.
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The house cleaning started by UniCredit’s new broom, Jean-Pierre Mustier, has thrown up a new IPO prospect: Pioneer Investments, the firm's asset management business, which it had been negotiating to merge with Santander Asset Management.
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Shares in Enav, the Italian state air traffic control operator, closed 11% higher on their first day of trading on the Milan Stock Exchange today.
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Cloetta, the Swedish confectionery company, has agreed Skr3.7bn ($430m) of unsecured loans with a group of four Nordic banks, its first ever syndicated loan.
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Monte dei Paschi di Siena’s share price fell 8% on Monday morning, ahead of the European Banking Authority’s 2016 stress test results.
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The privatisation of Enav, the Italian air traffic control system, reached a successful conclusion on Thursday, proving that large IPOs can still happen in the post-Brexit equity market, even in Italy, where stocks have been hit hard.
