◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread
◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread
