Italy
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French laboratory testing company Eurofins Scientific and Italian tyre company Pirelli have closed Schuldscheine totalling more than €1bn in the past week.
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Carige’s postponed tier two deal is central to its recovery plan and therefore its future, a letter from the European Central Bank suggests. But at present that transaction looks like it will be very hard to complete. -
Italian companies are enjoying some time in the loan market sun this week, with facilities for Amplifon, Tecnimont and Tages Helios finding solid support from lenders.
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Hearing aid company Amplifon will buy Spain’s GAES Group in a fully debt-funded acquisition with a €528m enterprise value as Italian companies extend their strong run in the loan market.
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Rewables fund Tages Helios has taken out five credit lines totalling €452.5m from a syndicate of banks to refinance a portfolio of solar plants, as Italian names continue to win capital markets support despite some investors' distaste for the political direction of the country.
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Banca Carige is reported to be undergoing investigation in relation to market rigging, just days after the European Central Bank told it to appoint a new chairman and suggested it consider a merger.
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The smooth execution of cable firm Prysmian's rights issue, which was priced last week, is a further indicator that good Italian companies will still be able to utilise equity capital market solutions, no matter how unstable the country’s political future might look.
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Italy’s Tecnimont has agreed a new syndicated loan package totaling €285m from its domestic banking group, with the engineering contractor cutting 25bp off its debt costs.
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Caius Capital said on Monday morning that it would pursue its dispute over the regulatory status of a UniCredit capital instrument, after the European Banking Authority rejected its request to open an investigation.
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Prysmian, the Italian telecommunications manufacturer and cable company, got strong investor support for its rights issue, launched to partially fund the $3bn acquisition of US firm General Cable.
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Electricity network operator Terna has sold the first investment grade corporate bond from an Italian issuer since the formation of the country’s new government and was rewarded with an order book that was more than 5.5 times subscribed, demonstrating an investor base that is open to Italy risk once more. Nigel Owen reports.
