ution on Spanish banks given valuation, risks around NPAs. More positive Italians post capital raisings: Buy =nicredit. Recently hosted CEOs of both Intesa & Unicredit. Derivs =dea = SX7E Jun 135/145 call spread. Separately, ask for our =autious view on UK Banks. 2 EFTA_R1_01899700 EFTA02655029 Regarding rates