No doubts over covered market access for Italy’s second tier banks

After Spain’s Bankinter successfully tapped the market this week, Banca Popolare di Milano followed with a Eu250m tap of its 3.25% November 2015 through joint leads Banca Akros, SG and UBS. The tap was marketed at mid-swaps plus 160bp-170bp and was priced at plus 165bp, taking the deal size to a new total of Eu1bn.