Italians make untidy OBG start in busy market
The pace of supply in covered bonds has hardly let up, with five issuers having so far this week raised Eu3.75bn of funding via deals of Eu500m or more, and a sixth in the market on Wednesday. This included a Eu1bn five year issue from Banca Monte dei Paschi di Siena, which took the place of UBI Banca in re-opening the Italian covered bond market on Tuesday. But the re-opening of the obbligazioni bancarie garantite segment has been badly managed, say bankers.
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