Italy

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.

Gamenet, the Italian gambling machine operator,opened a roadshow on Monday for €200m of high yield notes — the third high yield issue from an Italian borrower since the UK referendum on June 23.

Two block trades by UniCredit this week, totalling €1.08bn, offered further confirmation that the equity capital market is functioning well, and that there is ample demand for good European stocks, including from US long-only investors.

UniCredit’s new CEO, Jean-Pierre Mustier, has sent strong signals to the market this week that he will be determined about reshaping the bank, which by last week had lost 75% of its market value in the past year.

Big moves in credit, equity and foreign exchange markets this week were magnified by mass unwinding of previously popular trades as investors capitulated to a reversal of fortunes for Japan and European banks.

Italian gaming operator Sisal priced the all-bond funding of its buyout by CVC Capital Partners on Thursday, and brought to life a high yield market still stunned by the Brexit vote.

Monte dei Paschi di Siena could be left with a capital shortfall of €4bn if it completes a sale of non-performing loans to Fondo Atlante.

UniCredit used similar tactics on its accelerated bookbuild sale of 10% of Bank Pekao on Tuesday night to those it had used for Monday’s sale of FinecoBank — and achieved a similar result: multiple times oversubscription, led by one very large anchor order.