Banca MPS: successfully completes the issue of a eur 750 million European Covered Bond (PRemium) due in January 2030
Demand from italian and international institutional investors above eur 2.4 billion
Siena, 15 January 2026 - Banca Monte dei Paschi di Siena (the “Bank”) has successfully completed the placement of a EUR 750 million Conditional Pass Through (“CPT”) European Covered Bond (Premium) maturing on 22 January 2030, targeted at institutional investors.
The transaction marks the reopening of the Italian covered bond market in 2026, in a primary market environment characterised by exceptionally high issuance volumes.
Orders from more than 60 investors grew rapidly above EUR 2.4 billion, enabling the Bank to set the final issue size at EUR 750 million. The bond carries an annual coupon of 2.625% with a re-offer price of 99.577%, corresponding to a spread of 30 bps over the reference rate - the tightest level since the launch of the Bank’s covered bond programme – lower than the initial price guidance at mid-swap plus 37 basis points area.
Demand was strong and well diversified across both Italian and international investors. The geographical distribution included Italian investors, accounting for 36%, as well as foreign investors – notably the Nordics (28%), the United Kingdom (16%), DACH (15%), France, Spain and Others (approximately 5%).
The final terms of the issue represent a significant improvement compared with the Bank’s longer-dated Covered Bond (5 years and 7 months) issued by the Bank in June 2025 at a spread of 54 basis points over the reference rate, reflecting the market’s recognition of the MPS Group’s growth trajectory, which has further strengthened following the voluntary public tender and exchange offer on all the shares of Mediobanca – Banca di Credito Finanziario Società per Azioni concluded in September 2025.
The bond, which will be listed on the Luxembourg Stock Exchange, is expected to be rated Aa2 / AA+ / AA(High) (Moody’s/Fitch/Morningstar DBRS).
Banca Monte Dei Paschi di Siena, Commerzbank (B&D), Crédit Agricole CIB, Mediobanca, Santander, UBS and UniCredit acted as Joint Bookrunners in the transaction, with Mediobanca serving as Global Coordinator.
