Italy
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◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors -
◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid
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◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value
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Sovereign expects no big change to its 20 and 30 year issuance, growth a 'big component' for spread direction
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PE backed debt funds dominate majority of financings
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Luxury carmaker's new facility size remains unchanged from 2019 financing
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Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist
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◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week
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◆ 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
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◆ Second EuGB issuance for A2A this year ◆ Smaller book than January's debut EuGB ◆ Shares slide after 2035 capex plan increased
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◆ Juventus' majority owner attracts €3.25bn peak book ◆ Price discovery needed for rare name ◆ Range of fair values suggested
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◆ Market backdrop aids book momentum ◆ New issue premium 'low' ◆ Hamburg mandates for 20 year
