Italy

TeamSystem, the Italian business software vendor, has funded the entire €600m of debt for its leveraged buyout by Hellman & Friedman with privately placed bonds — an event some high yield bankers and investors see as impressive, but not necessarily starting a trend.

Ten of the 11 banks that underwrote Saipem’s €3.5bn rights issue sold the bulk of their remaining overhang in the stock in a block trade on Monday night, making a gain. But Banca Imi decided to take the riskier path of selling its holdings by itself at a later date.

All but one of the banks that underwrote Saipem’s €3.5bn rights issue, and were left holding €427m of the Italian oil and gas engineering group’s stock, are selling down their stakes tonight.

Two of Italy’s popolari banks have registered to be listed on the Italian stock exchange and, with two others entering advanced merger talks on Tuesday, the country finally looks to be making headway on the banking reforms passed last year.

UniCredit was largely absent from the euro senior market last year, but, having successfully priced a new seven year last Friday, the bank’s head of group finance expects a busier year in 2016.

Two of Italy’s popolari banks have registered to be listed on the Italian stock exchange, and with two others entering advanced merger talks on Tuesday, the country finally looks to be making headway on the banking reforms passed last year.

Banca Popolare di Vicenza has filed a request for admission of its shares on Borsa Italiana, ahead of a shareholder vote to approve the bank’s IPO and capital increase.

UniCredit was largely absent from the euro senior market last year, but, having successfully priced a new seven year last Friday, the bank’s head of group finance expects a busier year in 2016.

Delve into the details of their respective economic and political prospects, and Italy’s investor credentials are seemingly more favourable than Spain’s, writes Jeremy Weltman.

Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

Saipem, the Italian oil and gas engineering group, failed to sell all of its €3.5bn rights issue to shareholders by last Friday, in an ominous sign for other commodities firms that may still need to raise fresh capital.

Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.