Banks

With Sergio Ermotti set to step down as group CEO, chairman Colm Kelleher favours an orderly, internal succession. But in a critical year for the bank, there could be turbulence ahead

◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday

◆ Six year bond trades lower in secondary market ◆ Deal a first for Slovakia, says banker ◆ MPS closes its first covered of 2026

◆ Largest book of the week for a euro tier two ◆ Priced flat to fair value ◆ 'Sensible' pricing, rival banker says

◆ Second French FIG sterling deal of the week spotted pricing inside euros ◆ Fourth currency of the year for BFCM ◆ Crédit Agricole marketing Samurai after printing in multiple other markets

◆ Book drops most pronounced in tier two market ◆ Erste lands new deal at fair value even after losing half its orders ◆ Commerz suffers due to marginal premium

◆ Principality Building Society amasses £1.05bn order book ◆ 50bp was best-case target says banker on deal… ◆ …and investors welcomed new UK covered issuer

◆ Deal came on busy day with €13bn of volume across secured and unsecured FIG issuance ◆ €2.1bn final book ◆ Flat to fair value or even negative concession

◆ Landesbank returns to benchmark capital issuance for first time since 2021 ◆ Gathers attention of bigger investors in busy FIG market ◆ Italy's Banca Ifis completes first tier two foray in more than five years

Ahmed Siddiqi has worked for the Japanese bank for over 10 years

◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value

◆ Austrian bank succeeds in fast return to AT1 market ◆ Raises more than it needs to refi June call ◆ Deal lands close to fair value thanks to boosted demand for higher yielding assets