UniCredit

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.

Italy could soon inject much needed capital into its banking sector, but the new measures, planned in the wake of the UK's vote to leave the EU last week, must first get past EU state aid and bail-in laws.

Swedish sponsor EQT is set to syndicate €1.25bn of loans in July to fund its acquisition of German Bilfinger’s real estate business, in a market that has been led by German and French deals since the Brexit referendum.

Equity capital markets bankers who have been hankering after a long holiday know that this summer is the time to take it. While investors are glued to their screens watching the aftershocks of the UK’s Brexit referendum playing havoc with their portfolios, new deals are almost entirely out of the question.

Amid the chaos in global markets on June 24, the IPO of Veneto Banca reached its expected conclusion: the book closed almost empty and the listing was cancelled, leaving Fondo Atlante, the Italian bank rescue fund, to provide the €1bn of capital Veneto had to raise.

Market participants struggled to assess the fallout from the UK's EU membership referendum on Monday, with fears over rates, politics and portfolios all heaping further pressure on subordinated bank debt.

European bank debt was thrashed in the wake of the UK's vote to leave the European Union on Friday morning. And though the panic hasn't matched that seen in February, when concerns on AT1 coupon payments triggered a selloff, the worst may be yet to come as markets face unprecedented governmental change.

Corrado Passera is the favoured candidate to become the next chief executive of UniCredit, but the bank’s international investors are on a collision course with its board over the appointment of a successor to Federico Ghizzoni, who stepped down last month.