Mediobanca nearly nine times subscribed for rare T2

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By Tyler Davies
16 Nov 2020

Mediobanca was swamped with orders for a small tier two on Monday, as investors welcomed a rare opportunity to gain subordinated exposure to the Italian bank. Its deal was further supported by another positive development in the race to roll out a vaccine for Covid-19.

The issuer was marketing a 10 year non-call five tier two, which had its size capped at €250m from the outset. 

Bookrunners Mediobanca, Santander and UniCredit started their pricing in the 340bp area over mid-swaps, before guiding investors into 310bp area on the back of €1.75bn of ...

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