News

Allen Overy advises on senior preferred fixtofloater bond by Banca Monte dei Paschi di Siena

Published Date
Mar 22 2024
Allen & Overy advised the financial institutions acting as Joint Bookrunners on a EUR500 million unsecured senior preferred fix-to-floater bond by Banca Monte dei Paschi di Siena S.p.A. The issuance, intended for institutional investors, has a four-year maturity (5 September 2027) with a call option for the issuer in the third year. The bond is in line with the 2023 funding plan objectives and in compliance with MREL targets.

The notes have a fixed annual coupon equal to 6.75% for the first three years. Should the issuer not call the bond on the third-year optional redemption date (5 September 2026), the coupon will reset to a floating rate equal to that of three-months’ Euribor, increased at a margin of 3.283%.

The bond has been documented under BMPS’s EMTN Debt Issuance Programme and will be listed on the Luxembourg Stock Exchange.

A&O’s team advising the Joint Bookrunners – BofA Securities, Banca Monte dei Paschi di Siena, J.P. Morgan, Mediobanca e Morgan Stanley – was led by partners and co-heads of the Italian International Capital Markets practice, Cristiano Tommasi and Craig Byrne, supported by associate Elisabetta Rapisarda and trainee Paolo Martellone.

The notes have a fixed annual coupon equal to 6.75% for the first three years. Should the issuer not call the bond on the third-year optional redemption date (5 September 2026), the coupon will reset to a floating rate equal to that of three-months’ Euribor, increased at a margin of 3.283%.

The bond has been documented under BMPS’s EMTN Debt Issuance Programme and will be listed on the Luxembourg Stock Exchange.

A&O’s team advising the Joint Bookrunners – BofA Securities, Banca Monte dei Paschi di Siena, J.P. Morgan, Mediobanca e Morgan Stanley – was led by partners and co-heads of the Italian International Capital Markets practice, Cristiano Tommasi and Craig Byrne, supported by associate Elisabetta Rapisarda and trainee Paolo Martellone.

Content Disclaimer

This content was originally published by Allen & Overy before the A&O Shearman merger