Intesa Sanpaolo

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.

While Sekerbank postponed the roadshow for a tier two bond over the weekend, the borrower has succeeded with a $130m loan — although one lender asked for more time before signing, according to a lead banker.

Gamenet, the Italian gambling machine operator,opened a roadshow on Monday for €200m of high yield notes — the third high yield issue from an Italian borrower since the UK referendum on June 23.

State-owned Bulgarian Energy Holding will meet investors next week for its first Eurobond for three years. BEH has mandated JP Morgan and Banca Imi to arrange the meetings, which run from July 18-22.

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

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

Oman Shipping Company is syndicating an underwritten loan, after other state-owned Oman firms PDO and Dhofar Power Company wrapped up deals in recent weeks.

Kuwait’s Equate bargained hard on the terms of its latest $5bn bridge loan refinancing, bankers said, and the syndicate for the latest loan shrunk as some lenders passed on the deal.

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.

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.

Electricité de France has named 16 banks to underwrite its €4bn rights issue, of which €3bn will be bought by the French government.

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.