BPM offers glimmer of light for Italy’s middle tier after breaking into AT1 ranks

Italy_flag_coin_PA_230x150_170118
By David Freitas
11 Apr 2019

Banco BPM split opinion with a debut additional tier one bond this week, paying up to issue but proving that there’s a chance for the middle tier of Italy to access the market. The bank joined only two other Italians in having sold deals in the asset class — the national champion banks Intesa Sanpaolo and UniCredit, writes David Freitas.

BPM’s sale of a €300m perpetual non-call June 2024 AT1 on Thursday raised hopes that Italy’s smaller financial institutions could look at the AT1 market, as investor demand for risk assets builds.

Some market players said that investor demand of €600m for an AT1 issuance from a bank ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.