Universe of Italian covered bond issuers expands with Desio
Although Obbligazioni Bancarie Garantite (OBG) supply has been limited this year, the universe of borrowers is set to expand as Fitch assigned a rating to a programme for Banco di Desio e della Brianza’s (Desio) in the expectation of a €500m deal.
It has yet to publicly mandate lead managers but BNP Paribas was the arranger of the €3bn programme.
assigned an AA- rating to it, on the
basis of “an expected issue of €500m with a seven year maturity”.
The bank’s long term issuer rating is BBB- and,
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