Credem brings new T2 to bolster capital, MREL

By Tyler Davies
09 Sep 2020

Italian lender Credito Emiliano opened books on a new €200m tier two on Wednesday, as it looked to improve its financial position in a strong market for subordinated debt.

The Italian lender (—/BBB-/BBB-) picked Goldman Sachs as the sole bookrunner for its transaction. 

It began marketing the 10.25 year non-call 5.25 tier two at initial price thoughts of 3.5% area on Wednesday morning, after a day of calls with investors. 

The size of the deal ...

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