Intesa Sanpaolo

Special purpose acquisition companies continue to flourish in Italy, with several new vehicles having been launched this year.

Banca Imi is looking to raise €200m of equity capital for a special purpose acquisition company, in partnership with DeA Capital, the alternative asset manager owned by the De Agostini Group.

The Russian loan market is moving towards more unsecured deals with Russian paper company Ilim signing the fourth unsecured deal this year, for $500m.

The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.

Saudi Electricity Co’s $1.75bn loan has been successfully sold down to four other banks.

Bonds issued by Italy’s most prominent banks surged in value on Wednesday, after S&P upgraded the credit ratings of 11 of the country’s financial institutions.

Moody's expects Agrokor's creditors to recover at the low end of the 35% to 65% range on average, and that unsecured bondholders will get less than 35% of what they are owed.

The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.

Despite being a small financial institution issuing in sub-benchmark size, Denmark’s Jyske Bank was able to price its first additional tier one (AT1) deal in euros with the lowest ever coupon rate for a bank in the Nordic region. The deal bodes well for rarer names looking to fill up on regulatory capital.

Pirelli, the Italian tyre maker, has revealed the price range for its IPO in Milan, which could surpass the €3bn flotation of Allied Irish Banks in June as the biggest IPO in Europe this year - if the deal is priced near the top of the range and the greenshoe is exercised.

Intesa Sanpaolo and UniCredit have sold their stakes in Eramet, the French mining and metallurgy company, which they had acquired as a result of the debt restructuring of the Carlo Tassara vehicle in 2016.

Banca Intesa has found relief from its efforts to offload a €5.2bn loan it made to Glencore and Qatar Investment Authority for the acquisition of a 19.5% stake in Rosneft, eight months after it fully underwrote the debt.