Italy

◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A

◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread

Deal multiple times oversubscribed as investors buy into electrification and AI story

New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs

◆ Italian banking in 'very interesting place,' lead says ◆ Low NIP ◆ First issue since Monte dei Paschi announced takeover bid

◆ Green tier two comes against 'rocky' macro backdrop ◆ Takeover battle throws uncertainty on secondary performance ◆ 'Elevated NIP' paid, rival banker said

Fragmentation, red tape and political friction hamper the bloc’s efforts to build banks that can compete globally

◆ Only euro IG corporate deal on Monday ◆ Issuer slashes the spread and increases size ◆ Single digit concession spotted

Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence

Deal Italy’s first IPO on Euronext Milan main regulated market since 2023

◆ Minimal attrition ◆ Follows last week's deal from Italian public issuer Istituto per il Credito Sportivo ◆ Priced flat to fair value

◆ Issuer’s first public dollar deal since late 2021 ◆ New five, 10 and 30 year offered simultaneously ◆ Interest from European sovereigns grows for dollars