Banco BPM lands new AT1 on top of IPTs

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By Tyler Davies
12 Jan 2021

Banco BPM was unable to tighten through initial price thoughts for a new additional tier one on Tuesday, as it looked to maximise its regulatory allowance for the asset class.

The Italian lender, rated at a speculative grade of Ba2 by Moody’s, was marketing a new perpetual non-call five year AT1 in the euro market. 

BookrunnersBanca Akros, Barclays, BNP Paribas, Citi, Goldman Sachs, Mediobanca and UBS started the pricing in the 6.5% area. 

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