UniCredit

◆ 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

◆ Sub-benchmark note tightened by 6bp ◆ 14bp reoffer was at or just outside FV, says lead ◆ Order book showed some attrition in 'slightly weaker market'

◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance

Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans

◆ 301bp reset spread moves inside La Banque Postale's 3% AT1 from 2021 ◆ €2.3bn of orders drop after price tightening ◆ 'We knew there would be attrition [...] we also knew we could land €1bn,' says lead manager

◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors