Italy’s Banca Carige to offer €500 million seven-year covered bonds

Chicago, Oct. 21 – Banca Carige SpA is preparing to offer €500 million of seven-year covered bonds, based on an exchange notice.

The issue will be guaranteed by Carige Covered Bond SrL.

UBS AG, Commerzbank, Credit Suisse, IMI-Intesa Sanpaolo and Natwest Markets are handling the sale.

The bank is based in Genoa, Italy. According to the Prospect News archive, the bank has suffered past mismanagement problems but has been upgraded by the credit ratings agencies over approximately the past year after the appointment of new managers and the beginning of a restructuring.

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