No doubts over covered market access for Italy’s second tier banks

04 Mar 2011

After Spain’s Bankinter successfully tapped the market this week, Banca Popolare di Milano followed with a Eu250m tap of its 3.25% November 2015 through joint leads Banca Akros, SG and UBS. The tap was marketed at mid-swaps plus 160bp-170bp and was priced at plus 165bp, taking the deal size to a new total of Eu1bn.

The success of these deals, along with a turn in the fortunes of peripheral sovereign markets, provided a constructive backdrop for Italy’s Banca Carige that priced a Eu500m 4.25% Obbligazioni Garantite due March 2015 through joint leads IMI, Barclays Capital, LBBW, Natixis and RBS on Thursday.

The deal ...

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