BPER adds to flurry of sub-benchmark FIG deals

Italy’s BPER Banca was more than three times subscribed for a small tier two deal on Wednesday, as sub-benchmark transactions prove more popular than usual in the euro market.
BPER picked Credit Suisse, Deutsche Bank, Intesa Sanpaolo, Société Générale, UBS and UniCredit as the bookrunners for its €400m 10 year non-call five tier two.
They set out with initial price thoughts of 4% area on Wednesday morning, attracting orders worth about €700m by 10am.
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