UniCredit
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◆ Slim premium paid for popular deal ◆ Outstanding bonds ignored during pricing ◆ Good chance to pick up high spread UniCredit exposure -
◆ Deal one of the tightest of the year ◆ Granular book peaks at over €2.2bn ◆ Slim to no premium paid
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BPM spreads 'unlikely' to widen as issuer remains 'a takeover target'
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Financial institutions dealmaking is at an 18 year high but banking consolidation is elusive
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◆ Italian bank prints €1bn in first tier two since January 2024 ◆ Demand for higher yielding deals outweighs Middle East escalation ◆ Other new financial issuers of capital line up deals
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Issuer aims to stay active in core maturities and has now done three and 10 years in 2025
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◆ Hesse prints largest European regional green bond ◆ ESM builds 'massive' book ◆ CDP tightens pricing by 6bp
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Dance between secured and unsecured FIG bonds puzzles bankers
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◆ Views on NIP vary ◆ Price sensitivity among investors ◆ More senior deals expected
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◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight
