Iccrea Banca

◆ Three European lenders hit a busy Friday market with senior bonds ◆ OP Corporate Bank prints the largest of these in a two-part dual-format structure ◆ Once-a-year issuer Iccrea Banca lands at sub-100bp

◆ More supply expected this week ◆ Iccrea lands 2bp back of fair value ◆ Issuer's first deal for 11 months

◆ Both 2025 primary debuts are mid-range senior preferred bonds ◆ Belfius offers some premium but loses more orders than Iccrea ◆ Both deals achieve same subscription ratios