Euro

◆ Italian covered supply returns after four month absence ◆ Crédit Agricole Italia set to reopen long end of the curve ◆ Deal expected to come inside BTPs

◆ BPCE flags new deal as potential sole euro Tier two of 2025 ◆ Immediately follows with 'attractive' multi-tranche Yankee ◆ Generali funds grandfathered capital buyback with new €500m green line

◆ Deal to be the first euro Pfandbrief since October ◆ Five year a popular tenor with all except insurers ◆ Fair value considerations revealed

Slimmer premiums expected this January compared to previous years

In euros, KfW and Belgium will test new year clearing levels

One or two German speaking issuers could issue this week

◆ Rare senior non-preferred appearance helps attract demand ◆ Issuer expected to be more frequent in sterling after Virgin Money acquisition ◆ Deal lands flat to fair value

Italian union on Friday said car production was at 1950s levels

◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week

At least one deal expected next week as issuers prefer unsecured bonds instead

Maire subsidiary will use loan for M&A and research

◆ New issue concession debated ◆ Rival bankers highlight premium to private placement ◆ Tuesday expected to be 'super busy'