UniCredit

In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.

Varta AG, the German maker of micro-batteries for hearing aids and wireless headphones, has withdrawn its Frankfurt IPO that was due to be priced on Tuesday, blaming the “current unfavourable market environment”.

Companies are continuing to use windows for corporate bond issuance ahead of Sunday’s Italian referendum, as three borrowers hit the euro bond market on Tuesday.

After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.

Bondholders will be able to take part in Banca Monte dei Paschi di Siena’s debt-for-equity swap this week, as market participants hope the Italian lender can pull off its ambitious rescue plan in what is set to be a key month for the Italian banking sector.

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.

Four banks will lead the financing for the €533m acquisition of Romanian retail chain Profi, the largest private equity acquisition ever in Romania.

FIG supply could slow to a halt before Thanksgiving this year, as bank issuers grapple with a rapidly shifting backdrop in politics and financial markets.

Turk Telekom subsidiary Avea has signed a €90m nine year loan backed by Finnish export credit agency Finnvera, after Avea's ultimate parent company Otas failed to make a repayment on a $4.75bn loan in September.

Covered bond supply surged to its highest levels in seven months this week, as issuers scrambled to raise funding before the end of the year and costs soar even further.

Varta AG, the German micro-batteries manufacturer spun out of the historic Varta Group in 2002, has announced the price range for its Frankfurt IPO, aiming to raise €150m.

UniCredit has promoted Christian Reusch to head of global syndicate and capital markets, a job held till now by Marco Bales.