Italy

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

◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week

◆ Italian bank amasses €3bn-plus book for second covered of 2025 ◆ Bond issued at 45bp in line with Italian BTPs ◆ Bank said order book improved through the morning

◆ Second EuGB issuance for A2A this year ◆ Smaller book than January's debut EuGB ◆ Shares slide after 2035 capex plan increased

◆ Juventus' majority owner attracts €3.25bn peak book ◆ Price discovery needed for rare name ◆ Range of fair values suggested

◆ 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