Société Générale

Amid the chaos in global markets on June 24, the IPO of Veneto Banca reached its expected conclusion: the book closed almost empty and the listing was cancelled, leaving Fondo Atlante, the Italian bank rescue fund, to provide the €1bn of capital Veneto had to raise.

Electricité de France has named four banks to lead its €4bn rights issue, of which €3bn will be bought by the French government.

Despite the carnage in UK and European bank shares, the bosses of major investment banks have reassured staff that immediate changes won’t follow. But recruitment industry sources predict the opposite, with one headhunter citing client plans to move 37,000 jobs to countries that plan to stay in the European Union.

Leveraged loan investors this week showed healthy appetite for core European deals as French data processor Tessi and German jewellery maker Amor began marketing their acquisition loans.

Ten banks participated on Wednesday in an auction to determine settlement prices for credit default swaps on Norske Skog, the Norwegian publishing paper manufacturer, after it triggered a restructuring credit event in April.

Dentressangle Initiatives is seeking €276m of loans to fund its acquisition of Tessi, the French provider of data processing services, which it also plans to delist.

Christian Dior nipped in ahead of the UK’s referendum on its European Union membership to issue a €350m bond on Monday, and found highly supportive market conditions.

Spanish broadcasting infrastructure operator Cellnex Telecom, which finished a roadshow last week, is biding its time before bringing a deal to market, in anticipation of volatility in the coming days.

The €1bn IPO and highly dilutive capital increase of Veneto Banca is thought likely by bankers involved to be bought in its entirety by Fondo Atlante, as happened to the similar €1.5bn deal for Banca Popolare di Vicenza at the beginning of May.

Papua New Guinea has selected four banks for its maiden dollar bond and is set to meet investors in Europe and the US.

Caisse Française de Financement Local (Caffil), the French public sector bank, issued its third Obligation Foncière this week but, while it set a record low coupon, it was heavily reliant on support from the Eurosystem.

Ethypharm, the French pharmaceutical firm, has allocated a €337m seven year term loan ‘B’ at tighter pricing than initial guidance, following a heavy oversubscription.