Italy

Terna, the Italian electricity grid company, has signed a €500m five year revolving credit facility, a year after repaying a previous club deal.

Pirelli, the Italian tyre manufacturer, has completed a €4.8bn loan refinancing.

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.

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.

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.

Monte dei Paschi di Siena’s share price fell 8% on Monday morning, ahead of the European Banking Authority’s 2016 stress test results.

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.

Pirelli’s €4.8bn refinancing loan has found strong demand, as roughly 20 banks will join it, and it was well oversubscribed. Some banks declined to participate, however, and one banker said the borrower was "taking the mickey" with the terms of the deal.

The immediate post-Brexit result landscape looked like a daunting one for eurozone periphery issuers. But just under a month later, one could argue they have never had it so good.

The price range for the IPO of Enav, the Italian state air traffic control network, has been tightened to €3.20 to €3.50, the top end of the initial €2.90 to €3.50 range.

The lack of any concrete monetary easing announcements at a meeting of the European Central Bank’s governing council on Thursday could spark a rise in eurozone periphery sovereign yields, analysts have warned.

The IPO of Enav, the Italian state air traffic control network, is “progressing well”, with yield-focused investors from Europe and the US piling into the deal, a banker on it said.