Two of the biggest equity deals expected in Italy this year could be shelved as a result of market conditions and regulatory issues, in a move which could remove as much as €13bn ($11.5bn) from the Italian new issue market this year.

The Italian treasury said that it had decided to postpone the second tranche of Enel, the Italian electricity company, because of market conditions. The deal could have raised as much as €8.8bn at current prices, assuming the government reduced its stake in the company from 70% to around 50%.