Bpm bank has concluded the placement of a new issue of covered bonds intended for institutional investors for an amount of 750 million euros and a 6-year maturity under its 2 billion euro guaranteed banking bond program (Bpm covered bond 10).
Banco Bpm, orders collected for 1,5 billion euros
This is the first issue of European covered bonds (Premium) issued by Banco Bpm during 2024. The security, which will be listed on the Luxembourg Stock Exchange, has a expected rating of Aa3 (Moody's). This public issue of covered bonds has a yield equal to the reference mid-swap rate +77 basis points, a fixed rate coupon equal to 3,375% and maturity 24 January 2030. Confirming the high interest in the group by Italian and foreign investors, the issue collected orders for over 1,5 billion euros allocated with the following geographical distribution: Germany and Austria 36%, Italy 27%, United Kingdom and Ireland 15 percent, Nordic countries 10 percent, France 4 percent, Spain 4 percent, and Benelux 4 percent.
Who participated in the operation
The investors who participated in the operation were mainly funds/asset managers (47%) and banks (38%). Banca Akros (related party of the issuer), Barclays, Bbva, Credit Agricole Cib, Landesbank Baden-Wurttemberg, Raiffeisen Bank International and Unicredit acted as Joint Bookrunners of the issue. Nord/Lb acted as co-managers. Today at Piazza Affari Banco Bpm earned 1,7 percent.
