Mediobanca

⭐️ Today Mediobanca acted as Joint Bookrunner in Banca Sella Holding’s return to the senior debt capital markets in 2026 ⏱️ 🇮🇹's largest independent private bank was the only non-covered issuer in the market, with its EUR 300m 5NC4 senior preferred issuance 💪 The issuer enjoyed the undivided attention of investors, who supported a book nearing 3x oversubscription at its peak 🎯 Thanks to this support, Sella managed to price the new bond at ms+95bps (down 25–30bps from the IPTs range) and, most importantly, 100bps and 35bps lower than its identical bond issuances completed in July 2024 and July 2025, respectively Congratulations to our clients! Carlo Prina Della Tallia Silvio Fantini Francesca Ghiglia Market is open...

This week, we were delighted to host the latest edition of the #MediobancaCertificates series across Milan, Lugano and Zurich, joined by Matteo Regesta (Global Macro Strategy), Alessandro Tortora (Equity Research), and Roberto Romeo (Equity Trading & Structuring). The sessions explored Mediobanca's macroeconomic outlook and reading of the evolving market dynamics alongside tailored investment solutions designed for the current complex and uncertain geopolitical environment. A sincere thank you to all our guests, whose engagement and insightful questions made each session a rich and rewarding exchange. We look forward to our next #MediobancaCertificates event in Geneva next week.

Via the #MediobancaCertificates platform retail products are structured, traded, marketed and sold via Mediobanca's proprietary retail distribution and other bank/third party distributors across Europe. Through #MediobancaCertificates investor’s can access numerous markets and select from the full range of risk-optimized structures in all asset classes.

⭐️ Today Mediobanca scored a hat-trick, acting as Joint Bookrunner in the new bond issuances for Commerzbank AG , Italgas and UniCredit . ⏱️ The three companies were ready to act and take advantage of the first available window since the escalation in the Middle East. In strict alpha order: Commerzbank AG ⭐️ The 🇩🇪 bank issued a dual-tranche covered bond split into: ✨ Eur 500m 3y Oepfe priced at ms+13bps ✨ Eur 1bn short 7y Hypfe priced at ms+28bps 💪 The two tranches enjoyed very strong demand from investors, with combined orders peaking above the Eur 2.3bn mark, skewed to the 7y tenor 🎯 Thanks to this support, the issuer managed to tighten final spread levels by 3bps and 4bps, respectively, vis-à-vis initial pricing guidance Italgas ⭐️ The gas distribution champion reopened the 🇮🇹 corp IG debt capital markets with a new Eur 750m 6-year senior bond 💪 Investors reacted very eagerly to IGIM's first bond issuance of 2026, supporting a strong orderbook which topped Eur 2.5bn 🎯 Thanks to this, Italgas managed to tighten pricing from IPTs set at ms+110bps to a final landing level of ms+78bps UniCredit ⭐️ UCG reopened the 🇮🇹 FIG debt capital markets with a new Eur 1bn 6NC5 senior non-preferred bond 💪 Investors flocked to the trade, showing there is no lack of demand for high-quality issuers, with the orderbook peaking in excess of Eur 3.7bn 🎯 In light of this reception, the issuer managed to tighten spread levels by 30bps versus IPTs, landing at ms+95bps Congratulations to all our clients! Rainer Mastenbroek Frank Henning Bjoern Rosenboom Maximilian Klinkenbusch Paolo Gallo Gianfranco Amoroso Giulio Novari Massimiliano Silvestri Luca Marco Trippa Lorenzo Annarumma Stefano Chiarlone Enrico Ippoliti Dario Lucido Federico Caligaris Lorenzo Pietro Pellegrinelli, CFA Pier Mario Satta Ester Flore Market is open...