MPS passes on tier one call, fattens coupon

Banca Monte dei Paschi di Siena will not be calling two hybrid tier one issues that are due to be called on February 7 and March 21. In a statement, the bank said “the decision is reflective of the extraordinary circumstances attributable to the utmost uncertainty in the current legal and regulatory framework, which does not yet provide for clear guidance on new issues of capital instruments eligible as tier one.”