BANCO BPM S.P.A. (Alliance News) - Banco BPM Spa announced Monday that it has issued a EUR500 million Tier 2 bond reserved for institutional investors.
The bond, maturing in June 2034, saw orders for EUR2.5 billion, or five times the amount placed. The bond was issued at a price of EUR99.6 and pays a fixed annual coupon of 5 percent until June 18, 2029; should BPM decide not to exercise the early redemption option, the coupon would be restated based on the five-year euro swap rate at the time of the restatement date, increased by a spread of 245 basis points.
Investors who participated in the deal are mainly asset managers 58 percent and banks 16 percent while the geographical distribution sees the predominant presence of foreign investors-including the UK and Ireland with 30 percent, France with 19 percent, Nordic countries with 14 percent and Germany, Austria and Switzerland with a total of 10 percent-and Italy with 16 percent.
Banca Akros, BofA Securities, Citi, Crédit Agricole CIB, HSBC, Santander, and Société Générale acted as joint bookrunners.
Banco BPM's stock closed Monday up 0.4 percent at EUR5.52 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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