Monte bonds fly amid balance sheet clean-up
Bonds sold by Banca Monte dei Paschi di Siena were surging higher in secondary market trading this week, amid reports that the Italian bank was close to agreeing plans to offload a €10bn portfolio of non-performing loans.
Data from Market Axess showed that Monte dei Paschi’s €750m 5.375% tier two was trading at a cash price of 94.77 on Tuesday, but by Thursday the same deal was quoted at 97.5.A €400m 10 year non-call five tier two sold at par by the bank just ...
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