Banca Monte dei Paschi di Siena announces that it has successfully completed the issue of a fixed-rate Senior Preferred unsecured bond with a 3-year maturity and a size of EUR 500 million, reserved to institutional investors.

The deal, which was executed in line with the Bank’s Funding Plan, represents the first issue of a senior unsecured instrument by Banca Monte dei Paschi since the start of the Restructuring Plan.

The issue encountered a very positive market response, with an order-book above EUR 1.1 billion from around 100 investors. Thanks to the strong demand, the initial price guidance of 4.250 - 4.375% was tightened towards the final rate, set at 4.000%. 

The bond was placed across various institutional investor categories, comprising Asset Managers (60.5%), Hedge Funds (23.8%), Banks/Private Banks (14.3%), and others (1.4%). The geographical breakdown was the following: UK (37.6%), Italy (31.7%), France, Luxembourg and Switzerland (13.7%), other countries (17%).

The bond, documented under the Euro Medium Term Notes Programme of BMPS, with expected ratings Caa1 (Moody's) / B (Fitch) / B(high) (DBRS), will be listed on the Luxembourg Stock Exchange.

Morgan Stanley managed the placement acting as Sole Lead Manager, assisted by MPS Capital Services as Co-Manager.

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Last modified: 04/07/2019