Four of the biggest-hitting banks in the bond markets are set to go head to head in the mandate pitch to run a benchmark debt deal for Enel, the Italian power group.

BNP Paribas, Deutsche Bank, JP Morgan and Merrill Lynch, which have all worked on previous bond issues for Enel, are likely to be slugging it out for a lead slot on the deal. The bond issue could reach €1bn ($874m) in size and is scheduled to come before the end of the year.