Monte returns to market for more T2

By David Freitas
03 Sep 2020

A new tier two deal from Italian lender Monte dei Paschi di Siena on Thursday showed that the market is open for trickier credits looking to sell riskier bonds. The deal emerged as the European Central Bank told Monte to raise capital to complete the sale of €8bn of non-performing exposures to Amco, the state-owned asset management company.

Monte dei Paschi di Siena (Caa1/—/B) came out with a 10 year non-call five tier two bond, with the size to be capped at €250m.

The Italian lender hired Morgan Stanley to run the books, starting out with price thoughts of 9% area.

Monte sold a €400m ...

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