Milano reopens periphery as cash backs eurozone

By Tom Porter
23 Jan 2014

Banca Popolare di Milano put the first periphery bank senior unsecured deal in over a week on screens on Thursday morning, with investors having clearly backed European risk across asset classes in the previous trading session.

The B1/BB-/BB+ rated Italian lender put out initial price thoughts of mid-swaps plus 330bp area for a five year transaction, as was able to swiftly pull the guidance in to 225bp area after gathering over €1bn of orders. FIG syndicates were pleased to see the trade get off ...

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