Italy
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Deal multiple times oversubscribed as investors buy into electrification and AI story -
New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs
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◆ Italian banking in 'very interesting place,' lead says ◆ Low NIP ◆ First issue since Monte dei Paschi announced takeover bid
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◆ Green tier two comes against 'rocky' macro backdrop ◆ Takeover battle throws uncertainty on secondary performance ◆ 'Elevated NIP' paid, rival banker said
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Fragmentation, red tape and political friction hamper the bloc’s efforts to build banks that can compete globally
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◆ Only euro IG corporate deal on Monday ◆ Issuer slashes the spread and increases size ◆ Single digit concession spotted
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Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
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Deal Italy’s first IPO on Euronext Milan main regulated market since 2023
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◆ Minimal attrition ◆ Follows last week's deal from Italian public issuer Istituto per il Credito Sportivo ◆ Priced flat to fair value
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◆ Issuer’s first public dollar deal since late 2021 ◆ New five, 10 and 30 year offered simultaneously ◆ Interest from European sovereigns grows for dollars
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Bloc to price new five year and 20 year tap as Rome set to end dollar hiatus
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Fixed price of €10 a share implies market cap of €1.01bn
