Weekly Covers

◆ Greek bank's first bond of the year vastly improves on last year's financing ◆ Scarcity appeal, buyback, and higher UniCredit ownership help crunch spread ◆ Old bond to be bought back above par

◆ Deal slotted into a quiet calendar ◆ Liquidity abundant after Terna’s blockbuster EuGB ◆ Fair value seen at mid-swaps plus 117bp

◆ Huge demand for second euro bond ◆ 'Remarkable' result a reflection of strong market ◆ Bond immediately performed, dragging peers tighter

◆ Mediobanca latest Italian bank to fund amid M&A ◆ Deal well absorbed even at negative NIP, though some debate on price ◆ Similar dynamics gave Ifis tight spread and concession

◆ 3.5 year FRN priced flat to guidance ◆ Green and conventional fixed rate bonds to come ◆ World Bank, PSP to print euros

◆ Terna becomes latest Italian company to print EuGB ◆ Deal lands inside fair value ◆ Rampant liquidity left disappointed by dwindling supply

◆ JGB yields rose sharply ahead of elections ◆ Impact of JGBs on euro market sentiment ◆ Illiquidity hits SSA secondary trading

Prices have recovered from spring sell-off

Yorkshire Water casts lonely figure in rapidly thinning issuance market

◆ Issuer triples FRN size to $2.25bn ◆ Pricing came inside fixed rate secondary ◆ Sterling, Kauri deals also done this week

Many issuers planning to issue later in the year may have already brought deals forward

Uncertainty lifted for now but problems only kicked down the road