Italy
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◆ Market backdrop aids book momentum ◆ New issue premium 'low' ◆ Hamburg mandates for 20 year
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◆ 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
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◆ 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
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◆ Deal ASTM's first in euros since 2021◆ Strong demand allows for tight pricing ◆ IG corporate volumes healthy despite market noise
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Chunky collared FRN expands sovereign's private funding for the year to €4bn
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◆ Insurer sells first RT1 before calling legacy tier one ◆ Priced close to or through fair value ◆ Investors bullish on Italy
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◆ 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
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Italy’s top independent investment bank must try to survive inside Monte dei Paschi
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◆ A 'busy and interesting' session as duration arrives ◆ New issue premium varied by tranche ◆ Longer note likely attracted different investors
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After meeting annual budgets in H1, loans bankers are hopeful a strong end to the year will count towards 2026
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One major bank has underwritten three infra deals in the last week
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Vicenza, Verona and Grezzana look to improve electricity services