Italy
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Fixed price of €10 a share implies market cap of €1.01bn
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◆ Italian utility hits six year spot ◆ Rare blue label helps draw attention ◆ Gasunie stretches out with €650m bond
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◆ Italian issuer pairs two sustainable formats ◆ Trade hits size targets ◆ Tight price tests investors' limits
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◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
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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
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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◆ Italian bank's first benchmark euro trade since 2023 ◆ 40% of orders withdrawn after price revision ◆ Heavy interest from ESG accounts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