Italian banks are taking advantage of excellent new issuance conditions, as investors re-establish their confidence in the country's new government. On Tuesday it was Banca Monte dei Paschi’s turn to do so with a euro-denominated preferred senior bond, one day after UniCredit and Intesa Sanpaolo.
Monte dei Paschi launched a five year senior preferred bond at a coupon of 3.625% and a size of €500m, with expected ratings of Caa1/—/B.
The Italian lender had picked Barclays
, JP Morgan
, Morgan Stanley
, MPS Capital Services, NatWest Markets
and Société Générale
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