UniCredit

◆ 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

Bankers reach for superlatives as four deals price tightly

◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV

◆ 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

BPM spreads 'unlikely' to widen as issuer remains 'a takeover target'

Financial institutions dealmaking is at an 18 year high but banking consolidation is elusive

◆ 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

Issuer aims to stay active in core maturities and has now done three and 10 years in 2025