Italy
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◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1 -
UniCredit and Korea Housing Finance Corporation have started the week of issuance with deal announcements
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The sovereign returned with a sizeable structured note
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◆ Italian utility prints no-grow €500m six year ◆ Final demand fell 41.7% from peak ◆ Deal landed close to fair value
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◆ Italian bank's first benchmark euro trade since 2023 ◆ 40% of orders withdrawn after price revision ◆ Heavy interest from ESG accounts
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◆ Insurance companies go head-to head in 'constructive' window ◆ Axa pays small premium ◆ Generali focuses on tight pricing
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◆'Bombastic' day for issuance ◆ Leads 'happy' with 5bp-7bp of concession paid ◆ Compression trend in Italian banks, lead says
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◆ Italian utility prints four and seven year bonds ◆ Shorter leg pulls in stronger demand ◆ Both tranches grow in size as pricing tightens
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◆ Italian oil company prints five and nine year maturities ◆ Longer tranche draws stronger demand ◆ Tight execution keeps premiums in single digits
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◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
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◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
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◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value
