Banco BPM tier two shows investors will ‘practise discretion’

By Tyler Davies
10 Sep 2020

Banco BPM struggled to build much of an order book behind a new tier two bond this week, with bankers arguing that investors have become more selective with their exposures to southern European names.

The Italian lender (Ba2) began marketing a €500m 10 year non-call five tier two on Monday morning. 

Banca Akros, Barclays, Crédit Agricole, Goldman Sachs, Intesa Sanpaolo and Morgan Stanley were the deal’s bookrunners, which came with initial price thoughts in the 5.125% area. 

About two and ...

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