Banca MPS successsfully places a new eur 500 million senior preferred bond.
The issuance attracted demand for approx. eur 1.3 billion from both international and domestic institutional investors.
The 4.75% coupon confirms the ongoing cost of funding reduction trend.

Siena, 8 March 2024 - Banca Monte dei Paschi di Siena (the “Bank”) successfully completed the issuance of a new Senior Preferred Unsecured Bond with a maturity of 5 years (callable after 4 years) for an amount of 500 million euro.

The transaction attracted demand for a total of approx. 1.3 billion euros from over 140 international and domestic investors, confirming the strong interest for the Bank’s credit by the institutional investors’ community.

On the back of the strong demand, the final coupon has been set at 4.75%, below the Initial Price Thoughts of 5% area and two percent below the bank’s previous Senior Preferred issuance completed in August 2023, confirming the ongoing cost of funding reduction trend.

The investors demand was well diversified, both from an investors type perspective as well as by Geography with 45% to Italy, 39% to UK & Ireland and 16% to Others.

The new Senior Preferred issuance has been issued under the Bank’s Euro Medium Term Notes Programme dedicated to institutional investors. The new issuance expected rating is Ba3 by Moody’s, BB by Fitch and BB Low and will be listed under the Luxembourg Luxembourg Stock Exchange.

The Joint Lead Manager & Bookrunner group that have placed the issuance is composed by Banca Monte dei Paschi di Siena, Citi, J.P. Morgan, Jefferies, Mediobanca, NatWest Markets and UBS.

The new issuance confirms the Bank’s ability to access the international debt capital markets, and the implementation of the funding plan as defined in the Industrial Plan 2022-2026.


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Last modified: 08/03/2024