MPS attracts strongest covered demand of 2019

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By Bill Thornhill
01 Oct 2019

A Banca Monte Dei Paschi di Siena (MPS) €1bn seven year issued on Tuesday was the most oversubscribed covered bond of its size issued this year and, with 300 investor orders, attracted the most granular order book of the year by a wide margin.

The conditional pass through covered bond, which is rated A1/A+/AA respectively by Moody’s, Fitch and DBRS, attracted demand of €5.4bn from around 300 investors. It was priced at 125bp over mid-swaps from 135bp initially through joint leads Commerzbank, Crédit Agricole, Credit Suisse, BMPS, Santander ...

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