UniCredit

UniCredit has launched this evening a sale of 10% of FinecoBank, its direct, multichannel banking subsidiary, at the same time as opening a strategic review of its business.

The IPO of Enav, the Italian state air traffic control network, has already received enough orders to cover the entire deal, including the 9% greenshoe, a source close to the deal said.

Construction company Salini Impregilo was the second Italian borrower in the high yield market on Monday, as a fortnight of no issuance ended.

Italian gaming operator Sisal on Monday started a roadshow for the all-bond funding of its buyout by CVC Capital Partners, in a high yield market still stunned by the Brexit vote.

Two block trades were successfully placed in Europe this week, including a small stake in Italian multi-utility Hera that was snapped up very quickly on Thursday night.

Bookbuilding for the €805m IPO of Enav, the Italian state air traffic control network, will begin on Monday, July 11, the Ministry of Economy and Finance said in a statement late on Thursday evening.

Mathias Noack, who oversees syndicated loans at UniCredit, will become head of syndicated loans at BTMU in London. UniCredit is looking for Noack’s replacement.

Commerzbank issued the first euro covered bond since June 15 on Monday, and though it was a clear success, no other issuer ventured to follow.

The former head of loan syndication at African Development Bank has left for a role at a developmental financial institution in Cairo.

China National Chemical Corp met bankers in Hong Kong this week ahead of a $12.7bn fundraising for its acquisition of Swiss biotech firm Syngenta.

Monte dei Paschi di Siena (MPS) has become a symbol of Italy’s banking woes, but a private sector salve will not end the lender’s non-performing loan (NPL) problem. A poor performance in the European Banking Authority’s (EBA) 2016 stress tests will only hammer home the size of the mountain left to climb, writes Tyler Davies.

Pirelli, the Italian tyre manufacturer acquired by ChemChina last year, will complete syndication of its loan refinancing this week, according to a lead banker.