Italian AT1s pile up as Banco BPM gets away with no NIP

By David Freitas
14 Jan 2020

Banco BPM did not need to pay a new issue premium to follow UBI Banca with the sale of an additional tier one (AT1) on Tuesday, as Italian banks make the most of an 'issuer's market' at the beginning of 2020.

Banco BPM launched a €400m perpetual non-call five year AT1 at a coupon of 6.125%. 

The deal was managed by Banca Akros, Barclays, BNP Paribas, Citi, Credit Suisse and Morgan Stanley.

When demand had hit €4.9bn, the bookrunners set guidance at 6.125% plus or ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

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: or find out more online here.