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 ...

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