UniCredit

◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday

◆ Fatigue visible in sterling FIG as Westfield secured bond also grabs attention ◆ UniCredit funds in line with euros ◆ Nova Scotia comes flat to dollars

◆ First Polish covered bond since PKO’s last ◆ Lender fixed size before execution ◆ Banker said deal offered small new issue premium

◆ Finnish lender's first covered since September ◆ Third Finnish covered bond issued this year ◆ Helsinki-based bank fixed size at €500m

◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally

◆ Czech bank tightened by 4bp through execution ◆ Order book grew steadily to close at €1.25bn ◆ Banker said execution 'in line with expectations'

◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks

The launch of a €35bn exchange offer for Germany’s Commerzbank marks a decisive attempt to break a stalemate that has frustrated Andrea Orcel in his quest to turn UniCredit into a pan-European banking champion

◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker

Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up

◆ ◆ 30bp was ‘right starting point’◆ Issuer lands at 'fair value'

◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value