Monte launches T2 at 8% to complete capital plan

By Tyler Davies
15 Jan 2020

Banca Monte dei Paschi di Siena was more than two times subscribed for a €400m tier two on Wednesday, as the state-backed Italian lender used strong market conditions to finally complete the last leg of its capital raising plan.

Monte dei Paschi launched its €400m 10 year non-call five tier two at a yield of 8%.

Investors had backed the deal with about €925m of demand, allowing lead managers Banca IMI, Bank of America, Goldman Sachs, MPS Capital Services, NatWest Marketsto steer ...

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