Italy

◆ Sovereign continues to break record after record ◆ New deal was 'a blowout by every definition' ◆ Second wave of EGBs underway, Belgium next

'Hard to classify' Italian corporate trade being marketed to FIG and SSA accounts

New mandate follows S&P outlook upgrade last Friday

◆ Terna sets new senior/sub spread record ◆ Aroundtown lands flat to secondary ◆ Investors are hungry for high yielding paper

◆ 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

◆ UniPol's first issuance since reorganisation in early 2025 ◆ Book grew after spread tightening ◆ Tier one supply will be 'scarce' in 2026, predicts banker

◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior

◆ Italian lender becomes first lower tier bank issuer to price this year ◆ Deal launched into 'issuer's market' and benefits from tight price versus national champions ◆ Ayvens issues first green bond in its current form

◆ 301bp reset spread moves inside La Banque Postale's 3% AT1 from 2021 ◆ €2.3bn of orders drop after price tightening ◆ 'We knew there would be attrition [...] we also knew we could land €1bn,' says lead manager

◆ Southern European duo steals Thursday's show ◆ Italy grabs unbelievable €20bn ◆ Portugal compresses Bund spread to decades-tight

◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors