UniCredit

Nine banks have been mandated to arrange the financing for the leveraged buyout of Polish online marketplace Allegro, and a senior loan will be launched into syndication later this month.

Leveraged buyout activity in Central and Eastern Europe is gaining momentum, driven by a few jumbo deals pushing for terms and pricing more commonly seen in Western European markets. For some local banks, the conditions are too tough to compete.

Despite the damage done to this autumn's IPO season, with a string of deals pulled and several trading badly, there is still a handful of flotations in the market, and ECM bankers believe they have a chance of success, writes Aidan Gregory.

Varta AG, the German micro-batteries manufacturer spun out of the historic Varta Group in 2002, has joined the small group of European companies braving the choppy waters of the IPO market.

Italy’s bottle top maker Guala Closures on Tuesday began roadshowing for a new deal to refinance all of its high yield bond debt as the market’s pipeline accelerates before the US elections.

Private equity firm Ardian has turned to the leveraged loan market to fund its acquisition of German lighting provider SLV Holding from Cinven.

Acciona, the Spanish infrastructure and renewable energy firm, has allocated its first Schuldschein, growing the deal by €50m and securing about the same pricing as (if not lower than) its latest syndicated loan.

Norddeutsche Landesbank (NordLB) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp) issued tightly priced German Pfandbriefe that benefitted from a rise in yields this week.

Three high yield borrowers on Monday announced refinancing deals in euros with roadshows starting this week — the first to meet with investors is Sindacato Nazionale Agenzie Ippiche, the Italian gaming company.

Commodity trader Gunvor is in the market to refinance its $1.36bn European revolving credit facility $210m of which is due to mature in November 23, according to three bankers.

German borrowers ProSiebenSat and RKW and Austria's Montana Tech Components are in the market for €430m of Schuldscheine collectively.

Yet another Italian corporate has come to the new issue euro bond market seeking liability management refinancing, as utility company Iren on Monday offered investors a €500m eight year bond.