Veneto Banca plants senior marker for sub-IG banks

By Tom Porter
26 Sep 2013

Italy’s Veneto Banca took recent advice from FIG syndicates to the extreme this week as it brought its sub-investment grade rating to the senior unsecured market, offering the kind of yield that hasn’t been seen on a euro benchmark since January.

Bankers have been urging lower tier periphery banks to bring senior deals now that uncertainty over Fed tapering and the German election have evaporated.

But they perhaps weren’t expecting the Italian regional lender, rated BB by Standard & Poor’s, to lead the way.

“There are definitely a couple ...

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