diff --git a/src/blurb/_merge.py b/src/blurb/_merge.py
index 1d7f308..7e24637 100644
--- a/src/blurb/_merge.py
+++ b/src/blurb/_merge.py
@@ -104,8 +104,7 @@ def prnt(msg: str = '', /):
                 if int(issue_number):
                     body = f'bpo-{issue_number}: {body}'
 
-            body = f'- {body}'
-            text = textwrap_body(body, subsequent_indent='  ')
+            text = textwrap_body(body, initial_indent='- ', subsequent_indent='  ')
             prnt(text)
     prnt()
     prnt('**(For information about older versions, consult the HISTORY file.)**')
diff --git a/src/blurb/_utils/text.py b/src/blurb/_utils/text.py
index 39c0399..dc74e76 100644
--- a/src/blurb/_utils/text.py
+++ b/src/blurb/_utils/text.py
@@ -10,7 +10,12 @@
     from collections.abc import Iterable
 
 
-def textwrap_body(body: str | Iterable[str], *, subsequent_indent: str = '') -> str:
+def textwrap_body(
+    body: str | Iterable[str],
+    *,
+    initial_indent: str = '',
+    subsequent_indent: str = '',
+) -> str:
     """Wrap body text.
 
     Accepts either a string or an iterable of strings.
@@ -34,12 +39,14 @@ def textwrap_body(body: str | Iterable[str], *, subsequent_indent: str = '') ->
     paragraphs = text.split('\n\n')
     paragraphs2 = []
     kwargs: dict[str, object] = {'break_long_words': False, 'break_on_hyphens': False}
+    if initial_indent:
+        kwargs['initial_indent'] = initial_indent
     if subsequent_indent:
         kwargs['subsequent_indent'] = subsequent_indent
     dont_reflow = False
     for paragraph in paragraphs:
         # don't reflow bulleted / numbered lists
-        dont_reflow = dont_reflow or paragraph.startswith(('* ', '1. ', '#. '))
+        dont_reflow = dont_reflow or paragraph.startswith(('* ', '- ', '1. ', '#. '))
         if dont_reflow:
             initial = kwargs.get('initial_indent', '')
             subsequent = kwargs.get('subsequent_indent', '')
@@ -91,6 +98,9 @@ def textwrap_body(body: str | Iterable[str], *, subsequent_indent: str = '') ->
             paragraph = '\n'.join(
                 textwrap.wrap(paragraph.strip(), width=76, **kwargs)
             ).rstrip()
+            # Remove the initial indent added by the first pass,
+            # otherwise the second pass would add it again.
+            paragraph = paragraph.removeprefix(initial_indent)
             paragraph = '\n'.join(
                 textwrap.wrap(paragraph.strip(), width=76, **kwargs)
             ).rstrip()
diff --git a/tests/test_utils_text.py b/tests/test_utils_text.py
index 962792c..0b2d926 100644
--- a/tests/test_utils_text.py
+++ b/tests/test_utils_text.py
@@ -40,7 +40,57 @@
             '    * Item 1\n'
             '    * Item 2\n',
         ),
+        (
+            'This is a test of the textwrap_body function with a dashed list and subsequent indent. The list should not be wrapped.\n'
+            '\n'
+            '- Item 1\n'
+            '- Item 2\n',
+            '    ',
+            'This is a test of the textwrap_body function with a dashed list and\n'
+            '    subsequent indent. The list should not be wrapped.\n'
+            '\n'
+            '    - Item 1\n'
+            '    - Item 2\n',
+        ),
+        (
+            'The following `threading` methods are now deprecated and should be replaced:\n'
+            '\n'
+            '- `threading.activeCount` => :func:`threading.active_count`\n'
+            '\n'
+            '- `threading.Condition.notifyAll` =>\n'
+            '    :meth:`threading.Condition.notify_all`\n',
+            '  ',
+            'The following `threading` methods are now deprecated and should be replaced:\n'
+            '\n'
+            '  - `threading.activeCount` => :func:`threading.active_count`\n'
+            '\n'
+            '  - `threading.Condition.notifyAll` =>\n'
+            '      :meth:`threading.Condition.notify_all`\n',
+        ),
     ),
 )
 def test_textwrap_body(body, subsequent_indent, expected):
     assert textwrap_body(body, subsequent_indent=subsequent_indent) == expected
+
+
+@pytest.mark.parametrize(
+    'body, expected',
+    (
+        (
+            'gh-123456: This is a long sentence that keeps going on and on so that it must wrap when\n'
+            'merged into the NEWS file.\n',
+            '- gh-123456: This is a long sentence that keeps going on and on so that it\n'
+            '  must wrap when merged into the NEWS file.\n',
+        ),
+        (
+            'First paragraph.\n\nSecond paragraph.\n',
+            '- First paragraph.\n\n  Second paragraph.\n',
+        ),
+        (
+            'Some changes:\n\n- Item 1\n- Item 2\n',
+            '- Some changes:\n\n  - Item 1\n  - Item 2\n',
+        ),
+    ),
+)
+def test_textwrap_body_initial_indent(body, expected):
+    assert textwrap_body(body, initial_indent='- ', subsequent_indent='  ') == expected