MPS sub debt rallies as Italy said to buy €2bn

Italy
By Bill Thornhill
07 Dec 2016

The junior debt of Banca Monte dei Paschi di Siena rallied strongly on Wednesday on reports the Italian government was preparing to buy €2bn of subordinated bonds from retail investors, support which could potentially avoid the European Commission’s onerous state aid rules.

Monte dei Paschi di Siena's lower tier two bonds due 2020 rallied about five points on Wednesday to almost 60 cents, while its tier one debt rallied by 10 points to around 46 cents.

The move came in response to a report citing two sources suggesting the ...

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