BPM tests Italian sub debt demand

21 Feb 2011

Banca Popolare di Milano will test investor demand for Italian subordinated debt this week. The issuer on Monday mandated Banca Akros, Credit Suisse, Goldman Sachs and HSBC for a new bullet lower tier two issue and the leads have started marketing the deal at 350bp over mid-swaps.

It is the first lower tier two this year that does not come as part of a liability management exercise and market participants are watching closely to see how much demand the deal generates. Crédit Logement and Investec have priced transactions but both came as part of an ...

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