BP Milano revises wider in bid for LT2 traction

22 Feb 2011

The lead managers of a lower tier two issue being sold by Banca Popolare di Milano had to revise guidance by 25bp to get the deal away on Tuesday after investors lost appetite for the bonds amid difficult market conditions.

Leads Banca Akros, Credit Suisse, Goldman Sachs and HSBC went out with a whisper of 350bp over mid-swaps on Monday morning but this was revised to 375bp over. One banker on the trade said it reflected the widening of the iTraxx subordinated index by 25bp. However, Markit data showed that the intra ...

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