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FIGCovered Bonds

BPM maps out Italy’s location, builds well

Banca Popolare di Milano (BPM) took the plunge before the summer break this morning, opening books on it debut euro benchmark covered bond, the first from Italy. One syndicate manager outside the deal welcomed it for establishing Italy where it belonged in his view, although disconcertingly for fans of orthodox geography he suggested this was somewhere between France and Portugal.

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