UniCredit

The European investment grade corporate bond market has been ticking along like a metronome this week, printing a steady deal a day. And encouragingly, big deals have returned.

Unrated Italian health and beauty product maker Artsana has allocated the loan funding for its 60% stake acquisition by Investindustrial, with pricing unaffected by the Brexit vote.

China National Chemical Corp held a roadshow on Tuesday in Hong Kong for banks invited to join its $12.7bn loan in general syndication, as it looks to tie up funds for its acquisition of Swiss firm Syngenta.

Ukrainian food producer Kernel has refinanced a $215m pre-export credit facility, as agricultural firms in the region prepare to launch annual financings.

At the height of the Brexit turmoil this week, another issue emerged as an important and perhaps more pressing concern: Italy is in the midst of a banking crisis. If the country cannot come up with a private solution, or convince authorities to bend EU state aid rules, up to €250bn of retail senior debt will be on the hook, writes Tyler Davies.

UniCredit’s appointment of a new CEO on Thursday raises the prospect that a rights issue for the bank could be the centrepiece of an equity capital market in the autumn that is likely to be at best subdued, after the UK’s shock vote last week to leave the European Union.

The IPO of Enav, the Italian air traffic control system, is progressing steadily, despite the shock of the UK’s decision to leave the European Union, which has sent share prices whizzing in all directions.

Investors have been forced to think twice about buying euro-denominated UK bank paper following the country’s vote to leave the European Union, though the borrowers remain strong and spreads on their debt securities are at attractive levels.

Jean-Pierre Mustier is set for a triumphant return to UniCredit less than 18 months after stepping down as head of its corporate and investment bank, as the Italian lender appointed the Frenchman as its new chief executive following a specially-convened board meeting on June 30.

Investors have been forced to think twice about buying UK bank paper following the country’s vote to leave the European Union, though lenders remain strong and spreads on their debt securities appear at attractive levels.

Turkey's state-owned Halkbank has released initial price thoughts for a five year bond, the first CEEMEA public bond since the UK voted on Thursday to leave the European Union and only two days after a terrorist attack on Istanbul’s Atatürk international.

European levloan investors snatched up Logoplaste’s €570m of acquisition loans, with many making reverse enquiries for the deal.