Monte offers 10.5% coupon on tier two return

Monte_dei_Paschi_Alamy_230x150_040719
By Tyler Davies
16 Jul 2019

Banca Monte dei Paschi di Siena, the ailing Italian bank, was offering a double digit yield in return for investment in a new €300m tier two on Tuesday, as it looked to chip away at its €700m shortfall in the asset class.

JP Morgan and Mediobanca were global coordinators and bookrunners for the 10 year bullet transaction, while Barclays, MPS Capital Services and UBS also joined as bookrunners.

This syndicate group started the pricing on Tuesday at some of the widest levels seen in recent years in the financial institutions bond market, ...

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