The maneuvers continue Bank Bpm. This time the focus is on JP Morgan, which has canceled its stake in Banca di Piazza Meda, by selling its share of 5,198%. The novelty comes from Consob communications on significant shareholdings.
At Piazza Affari the Banco Bpm stock gains 1,21% to 3,598 euros per share.
JP Morgan and Banco Bpm
The US banking giant led by Jamie Dimon had entered the capital of Banco Bpm last April when, after the entry of Credit Agricole which had purchased a 9,2% stake, had announced that it held more than 7% of Banco Bpm between shares and derivatives. Last August, the participation had been limited downwards, reaching 5,2%. A percentage that still paid off JP Morgan second shareholder of Piazza Meda behind the French. But on January 4, the US bank has sold its stake.
The question many are asking is: to who? All eyes focused precisely on Credit Agricole. However, the Italian division ruled out its involvement. It should also be considered that, if Credit Agricole had really purchased the instruments held by JP Morgan, it would have had to communicate it to the market according to Consob rules (in fact it is mandatory for anyone exceeding 10%).
Banco Bpm successfully issues 750 million senior green bonds
But the sale of JP Morgan is not the only news today from Piazza Meda. Banco Bpm has in fact communicated that it has successfully completed a new issue Green Senior Preferred, with a four-year maturity for an amount equal to 750 million euros.
- orders amounted to 1,4 billion euro, thus almost double the issue. The placement involved approx 120 investors and 78% of the orders allocated had an ESG connotation. The bond was issued at a price of 99,613% and pays a fixed coupon of 4,875%.
“The bond, which is reserved for institutional investors, was issued under the issuer's Euro Medium Term Notes Program and has an expected rating of Ba1/BBB-/BBB (Moody's/Fitch/DBRS). The proceeds deriving from the issue of the security will be used to finance and/or refinance Eligible Green Loans, as defined in the bank's Green, Social and Sustainability Bond Framework”, Banco Bpm said in a note.
It is the fifth issue within the Green, Social and Sustainability Bond Framework, for a total value of ESG issues equal to 3 billion euro.
Returning to the issue, the investors who participated in the operation are mainly asset managers (61%) and banks (27%), while the geographical distribution sees the prevalent presence of foreign investors (including France with 19%, United Kingdom and Ireland with 18%, Germany and Austria with 11%) and Italy with 42%.
