BPER increases 'no-grow' covered bond

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By Bill Thornhill
11 Mar 2019

BPER Banca issued an exceptionally well subscribed Italian covered bond and, although it originally planned to issue a €500m no-grow, it took the unusual step of increasing the deal size to €600m "as a token gesture on behalf of the leads".

BPER Banca had mandated leads last week and was ready to open order books on Friday.

However market conditions were poor and instead joint leads, Banca IMI, BNP ParibasCrédit AgricoleHSBC and NatWest Markets opted to wait until Monday when BTPs tightened 3bp-5bp on the open.

Guidance for the ...

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