UniCredit

◆ 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

◆ Hesse prints largest European regional green bond ◆ ESM builds 'massive' book ◆ CDP tightens pricing by 6bp

Dance between secured and unsecured FIG bonds puzzles bankers

◆ Views on NIP vary ◆ Price sensitivity among investors ◆ More senior deals expected

◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs

◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly