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