Banco BPM

◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’

◆ Austrian lender completes its tightest unsecured debt since the start of war in Ukraine… ◆ …as BPM achieves its lowest ever senior spread ◆ High attrition function of premium and outright spread

◆ First Italian bank bond aligned with new standard ◆ Investors like what they see despite busy day for issuance ◆ Trade lands flat to similar, recent UniCredit deal

BPM spreads 'unlikely' to widen as issuer remains 'a takeover target'

Financial institutions dealmaking is at an 18 year high but banking consolidation is elusive

European banks progress with capital raising as spreads tighten, but investor qualms grow

◆ AT1 volumes reach €5.5bn-equivalent since post-tariff reopening ◆ KBC pays premium for larger size ◆ BPM benefits from takeover tightening

The trade drew good demand after a slow week for covered bond issuers