Italy
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MPS has been on a strong run since its last recap, aided by rising interest rates in the eurozone
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Political stability and banks' recovery has created a constructive market for ECM
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Spreads to tighten further as yield grab drives BTPs towards pre-2008 spreads to Bunds
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Block trade of €560m hedges JP Morgan position, cuts Stone Island family’s stake
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Books for the European sovereign’s €5bn deal were ‘sizable for a linker’
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A rerating of Lottomatica’s valuation has enabled Apollo to start exiting its position
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European sovereign tests inflation-linked market as EU brings a new green bond
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Infrequent issuer's less liquid curve makes judging fair value tricky
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Exor is underwriting the entire capital increase
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Governments may feel they save money with retail issues, but an illiquidity premium looms
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After a series of wide moves from IPTs, investors were pleased a deal began close to landing
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Belfius lands flat as Fineco prices with about 12.5bp of premium
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◆ Senior arrives a week after €5bn book for covered deal ◆ Latest orders land at €1.4bn ◆ Rival bankers say smaller book down to smart execution, not saturation
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◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL
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SLB-only issuer defends against wider investor complaints about small penalties for missing targets
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Constant inflows help Coca-Cola HBC, Ren and Enel snap spreads in during bookbuilding
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◆ Deal ends with the largest book for a BPER senior trade GlobalCapital has tracked in recent years ◆ Pricing is flat if not inside FV ◆ Green deal sends encouraging signals to the periphery's other less frequent issuers
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Italian gas group wins big book for debut green tranche
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Five IPOs from the region on top of Puig and Golden Goose expected in the first half of the year
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Italian company is latest in a string of deals to get glowing reception from deal starved market
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Joint Lander #64 and Eurofima take euros while EBRD goes for sterling
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Finanzagentur offers 2bp premium for investors with a 5bp concession for Greece
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Enagas and Iren tighten hard, as fears over Taiwan election fail to materialise
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Italian bank hopes to build on compatriots' recent success