Italy
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◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’ -
Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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‘Amazing’ reception for long dated syndications but issuers explore different options amid persistant duration risk
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◆15 year a ‘good entry point to the long-end’, says sovereign ◆ Fear of missing out from both old and new investors ◆ Why Italy ran no co-lead pot this time
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◆ First IG corporate SLB of the year ◆ Deal lands at tight end of guidance ◆ Interest in SLB format on the slide
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◆ Second ever bond for the issuer ◆ Deal marketed to both SSA and credit investors ◆ Offers potential for tightening on the back of southern European convergence trade
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◆ Sovereign continues to break record after record ◆ New deal was 'a blowout by every definition' ◆ Second wave of EGBs underway, Belgium next
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'Hard to classify' Italian corporate trade being marketed to FIG and SSA accounts
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New mandate follows S&P outlook upgrade last Friday
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◆ Terna sets new senior/sub spread record ◆ Aroundtown lands flat to secondary ◆ Investors are hungry for high yielding paper
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◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday
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◆ Six year bond trades lower in secondary market ◆ Deal a first for Slovakia, says banker ◆ MPS closes its first covered of 2026
