UniCredit

Capital markets in Italy were plunged into an inferno of uncertainty this week, as investors appeared to lose confidence in the country’s economy and banks following the government’s release of its proposed budget, write Sam Kerr and Jasper Cox. Banks and companies looking to raise equity or debt face a tricky time.

Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.

Romania hit screens on Thursday morning for its second dual tranche euro benchmark of the year.

Warner Music and Playtech announced new bond offerings with a combined €730m volume on Monday, less than the latest weekly inflows for high yield retail funds. But Bilfinger pulled its deal.

Italy’s announcement that it plans to overshoot the European Commission’s budget deficit limit has spooked markets at a crucial time for the country’s banks.

UniCredit CIB announced six appointments in its Paris office, with Laurence Fraissinet-Dubois becoming deputy country manager, as well as a senior banker covering major French corporates, and Florent Ciecka made a senior relationship manager.

ADO Properties is seeking to raise Schuldschein debt, a month after shelving a eight year public bond after a high profile bribery case in Israel implicated its chairman.

General Electric’s distributed power unit began marketing a $1.8bn leveraged buyout loan. The deal has high net leverage and tight pricing guidance, two of the possible risks in the market underlined by the Bank for International Settlements (BIS) this week.

IDB Invest hit screens for a three year dollar bond on Monday, as the pipeline for the currency grew for the final quarter.

Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.

Hungary’s Futureal has signed a €150m 10 year loan, with the real estate developer claiming it’s the largest deal of its kind in the country since the global finance crisis began.

French construction and concessions group Vinci sold its first public benchmark corporate bond deal in more than five years on Tuesday and was overwhelmed by both the quantity and quality of its order books for the dual tranche deal.