BPM covered bond soars in sevens

Milan_PA_230x150
By Bill Thornhill
16 Jan 2018

Banca Popolare di Milano (BPM) successfully issued its first covered bond transaction since June 2016 with the high spread overcoming credit quality and volatility concerns.

The A1-rated euro benchmark seven year Obbligazioni Bancarie Garantite being sold on Tuesday by joint leads Banca Akros, Crédit AgricoleHSBCNomuraUBS and UniCredit  has the lowest rating of any covered bond to be issued this year. 

Italian issues must also come with political worries. Italy goes to the ...

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