Banco BPM places new EUR750 million bond issue

(Alliance News) - Banco BPM Spa announced Wednesday that it has concluded or the placement of a new EUR750 million, 6-year Coverd Bond issue aimed at institutional investors under its EUR10 billion covered bond program.

This is the first European Covered Bond issue issued by Banco BPM during 2024.

The bond, which will be listed on the Luxembourg Stock Exchange, has an expected rating of Aa3 from Moody's.

This public covered bond issue has a yield equal to the benchmark mid-swap rate 77 basis points, a fixed-rate coupon of 3.375 percent, and maturity on January 24, 2030.

The issue raised orders for more than EUR1.5 billion allocated with the following geographical breakdown: Germany and Austria 36 percent, Italy 27 percent, UK and Ireland 15 percent, Nordic countries 10 percent, France 4 percent, Spain 4 percent, and Benelux 4 percent.

On Wednesday, Banco BPM closed up 1.4 percent at EUR4.80 per share.

By Claudia Cavaliere, Alliance News reporter

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