Italy

◆ Market backdrop aids book momentum ◆ New issue premium 'low' ◆ Hamburg mandates for 20 year

◆ First Italian bank bond aligned with new standard ◆ Investors like what they see despite busy day for issuance ◆ Trade lands flat to similar, recent UniCredit deal

◆ Smaller Italian bank has limited name recognition beyond home territory ◆ But strong book thanks to positive sentiment towards country ◆ Wide range of southern European banks used as comps

◆ Deal ASTM's first in euros since 2021◆ Strong demand allows for tight pricing ◆ IG corporate volumes healthy despite market noise

Chunky collared FRN expands sovereign's private funding for the year to €4bn

◆ Insurer sells first RT1 before calling legacy tier one ◆ Priced close to or through fair value ◆ Investors bullish on Italy

◆ Bank issuers and investors anticipate EBA report on regulatory equivalence ◆ Mediobanca enters its Monte dei Paschi era ◆ The case for not keeping Russia's money

Italy’s top independent investment bank must try to survive inside Monte dei Paschi

◆ A 'busy and interesting' session as duration arrives ◆ New issue premium varied by tranche ◆ Longer note likely attracted different investors

After meeting annual budgets in H1, loans bankers are hopeful a strong end to the year will count towards 2026

One major bank has underwritten three infra deals in the last week

Vicenza, Verona and Grezzana look to improve electricity services