Italy

The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.

Eurex, the derivatives exchange of Deutsche Börse, will start offering BTP options on October 2.

Italian telecoms firm Wind is expected to return to the high yield bond and leveraged loan market to refinance debt in the coming weeks, with two investors expecting the combined volume of financing to be about €10bn.

The €350m IPO of GIMA TT, the tobacco packaging machinery division of IMA, is covered throughout its price range and is expected to be priced near the upper end.

Autostrade per l’Italia, the Italian toll road operator, on Monday printed a €700m 12 year deal to finance a tender offer for up to €650m shorter dated bonds.

The €350m IPO of Gima TT, the tobacco packaging machinery division of IMA, was covered at the full deal size including the greenshoe, less than two working days into the bookbuild.

September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.

Pirelli, the Italian tyre maker, has revealed the price range for its IPO in Milan, which could surpass the €3bn flotation of Allied Irish Banks in June as the biggest IPO in Europe this year - if the deal is priced near the top of the range and the greenshoe is exercised.

GIMA TT, the tobacco packaging machinery division of IMA, has set the terms for its IPO on Borsa Italiana, which could value it at up to €1.1bn.

Banco BPM and Banca Sella were looking to test the market’s appetite for subordinated debt from Italian banks on Thursday, opening books on new tier two transactions.

Intesa Sanpaolo and UniCredit have sold their stakes in Eramet, the French mining and metallurgy company, which they had acquired as a result of the debt restructuring of the Carlo Tassara vehicle in 2016.

On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017. The €1.2bn dual tranche offering was the largest of four new issues in the euro corporate bond market, all of which were rated triple-B and paid double digit new issue premiums.