Banco BPM eyes cost cutting after covered bond redemption

By Tyler Davies
21 Dec 2017

Italy’s Banco BPM is set to redeem €375m of covered bonds early next year, as it looks to clean up its balance sheet and cut down further on its cost of funding.

Italy’s Banco BPM said in a stock exchange filing this week that it would redeem at par the remainder of its €650m 2021 floating rate “series five” covered bonds on January 10.

The €650m deal was first issued by Banco Popolare in November 2013 to pay an interest rate ...

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