(Alliance News) - Credito Emiliano Spa announced Monday that it has successfully concluded the placement of promissory notes under Italian law, totaling EUR200 million.

The issues, "which inaugurate a new strategic operation planned on a recurring basis," the company specified in a note, were carried out under the promissory note program, "Multi-Currency Commercial Paper Program" rated F3 by Fitch and P-3 by Moody's, structured by Credito Emiliano in September 2023, in accordance with the Market Convention on Short-Term European Paper, obtaining the relevant compliance certification.

"Diversification of funding sources is a very important aspect in a scenario that will see increasing competition from banks to attract new liquidity, following the new policy of the European Central Bank," commented Daniele Morlini, head of Credem's Finance Business Unit.

"We are counting on being continuously present in this market, strengthened also by the solidity of our group, recently confirmed by the ECB's additional capital requirement at the lowest level among all directly supervised European banks," Morlini added.

The issues finalized by Credito Emiliano saw Crédit Agricole Corporate and Investment Bank arranger of the Program and Intesa Sanpaolo Divisione IMI CIB acting as dealer. The securities, intended exclusively for qualified investors, were issued in dematerialized form and centralized with Monte Titoli Spa.

Credito Emiliano is up 0.2 percent at EUR8.41 per share.

By Chiara Bruschi, Alliance News reporter

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