UniCredit

Shares in Enav, the Italian state air traffic control operator, closed 11% higher on their first day of trading on the Milan Stock Exchange today.

UniCredit's new chief executive, Jean Pierre Mustier, has simplified the bank's management structure, cutting the number of his direct reports, naming a new CFO and COO, and handing Gianni Franco Papa, a broader, group-wide role.

French residential real estate company Foncia on Monday reopened the book for a €800m loan backing its acquisition by a Partners Group-led consortium, after tightening pricing beyond guidance.

The privatisation of Enav, the Italian air traffic control system, reached a successful conclusion on Thursday, proving that large IPOs can still happen in the post-Brexit equity market, even in Italy, where stocks have been hit hard.

Lecta Group, the southern European coated paper manufacturer, on Friday printed a €600m two tranche bond in a high yield market comfortably readjusted to post-Brexit times, as issuance surpassed €2.5bn in five days.

European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.

An attempted coup in Turkey last Friday threw its borrowers into a maelstrom of pulled bonds, credit rating uncertainty, and the country itself into a three month state of emergency. Unlike their loan market counterparts, bond and money market investors have been wary of calling the bottom of the resulting sell-off, but the damage is contained as EM bond inflows enjoyed another record week, writes Francesca Young.

Kazakhstani crude oil company Tengizchevroil (TCO) pulled in pricing 50bp from initial guidance on Wednesday to print its $1bn 2026s only 10bp over the Kazakhstan sovereign, according to a bookrunner on the deal.

Dutch-American materials firm Advanced Metallurgical Group has amended a $320m loan. The issuer also improved the terms of the deal, having made a commitment in 2011 to lower its leverage.

Kazakhstani crude oil company Tengizchevroil (TCO) has released price guidance for its $1bn 10 year bond at 300bp over US Treasuries, a level that one analyst called fair.

The public sector bond market is enjoying its third busy week in a row, as issuers of a varying credit quality took advantage of enviable conditions to win big books and tight pricing on a kaleidoscope of deals.

CVC-owned German cosmetics retailer Douglas has launched a repricing request for its €1.22bn cov-lite term loan ‘B’, holding an investor call on Tuesday afternoon.