EMEA
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◆ 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’ -
◆ Deal attracts highest bid-to-cover ratio of the year so far ◆ Extensive marketing helps fuel demand ◆ Pinpointing fair value tricky
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◆ Spread not tightened ◆ New issue concession paid ◆ Pick-up over KfW estimated
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◆ First visit to public market in 2026 ◆ Fair value estimated by lead bankers ◆ Broader momentum in SSA market supportive
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The country is one of the highest regarded sovereign issuers on the continent
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The government has been much more proactive in its debt management since a scare in 2024
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◆ First Swissie corporate bond since Alphabet's finds size ◆ Dual tranche trade lands tight ◆ Domestic corporate undersupply helps demand
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Deal priced at 1% premium to Monday's close
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◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
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◆ Multiple times subscribed ◆ High quality interest ◆ SSA market open despite lunar new year and carnival holidays
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The sovereign rarely issues more than once a year on international markets
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Official moves from top three issuer in Middle East to top bank
