Bpm bank he placed on Tuesday a Tier 2 subordinated bond of 300 million euro with expiration at 10 years, repayable in advance five years before maturity.
The bond, reserved for institutional investors, was issued at a price of 99,775 and pays a fixed coupon of 2,875% for the first 5 years. If the issuer decides not to exercise the early repayment option, the coupon for the subsequent period up to maturity will be reset on the basis of the 5-year swap rate at the end of the fifth year, increased by a spread equal to 317 basis points.
The bond is part of Banco Bpm's Euro Medium Term Notes Program and has an expected rating of B1/BB from Moody's and DBRS.
Investors who participated in the operation are mainly asset managers (69%) and banks (7%), while the geographical distribution sees the prevalent presence of foreign investors (including the United Kingdom with 27%, France with 15% and Germany, Austria and Switzerland with a total of 8%) and Italy (40%).
Banca Akros, IMI – Intesa Sanpaolo, JP Morgan, Morgan Stanley, Nomura, Santander acted as joint bookrunners.
