Italy

◆ 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

French risk ‘the known unknown’ and will ‘get serious' come autumn

◆ Mediobanca latest Italian bank to fund amid M&A ◆ Deal well absorbed even at negative NIP, though some debate on price ◆ Similar dynamics gave Ifis tight spread and concession