Italy

◆ 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

◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid

◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value

Sovereign expects no big change to its 20 and 30 year issuance, growth a 'big component' for spread direction

PE backed debt funds dominate majority of financings

Luxury carmaker's new facility size remains unchanged from 2019 financing

Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist