Italy

Snam, Worldline and Gelf ready deals as European IG corporate market surprises with busy activity

Banco BPM scoops 5% of Monte dei Paschi from the state

◆ Appetite for credit attracts trio to senior market despite weaker backdrop ◆ But face-to-face execution between two similar deals underlines limits for non-major global bank issuers◆ UniCredit diversifies funding with rare floater

◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium

Loan is linked to emissions reductions

BNP Paribas took Pirelli and Citi took Renk as shareholders exited and trimmed stakes on Tuesday night

Investors chase 20 year-plus bonds but supply, rather than demand, is the question

UniCredit has bought 9.9% of Commerzbank partly through a block trade, founder sells his Jet2 stake and natural resources company raises capital for growth M&A

◆ Pace of European FIG issuance slows ◆ UK's Co-op Bank set to sell sterling senior ◆ Mediocredito Centrale completes euro senior roadshow

◆ Sovereign takes a ‘totally crazy’ book ◆ Central bank policy meetings created a helpful backdrop ◆ Long maturity offered ‘attractive entry point for investors’

◆ Issuer meets target with debut deal ◆ Deal comes 2bp back of recent Italian supply ◆ Trade follows two day marketing period

Hybrid from Snam and sustainability from Welsh Water