Mps Bank has successfully placed a Tier 2 subordinated bond of 300 million euro. the emission, at a fixed rate and with a 10-year maturity, was reserved for institutional investors and received orders for about 600 million by more than 100 operators.
Due to strong demand, the yield, initially indicated in the range of 11,00 -11,50%, was brought to a final level equal to Present in several = 10,50%.
The security was distributed to various types of institutional investors such as Asset Managers (56,7%), Hedge Funds (17,2%), Banks/Private Banks (15,8%) and others (9,5%).
As for geographical breakdown, the majority of investors came from the United Kingdom and Ireland (53,5%), followed at a distance by Switzerland (11,2%), France (8,2%), Italy (7,3%) , Nordics (5,7%), Germany-Austria (4,6%) and other countries (9,7%).
The bond, issued under the BMPS Euro Medium Term Notes programme, will be listed on the Luxembourg Stock Exchange.
The expected rating is Caa2 from Moody's and CCC+ from Fitch.
JP Morgan and Mediobanca acted as Global Coordinator and Joint Bookrunner, assisted by Barclays, MPS Capital Services and UBS as Joint Bookrunner.
