By Cady Vishniac
Detroit, Dec. 31 – Banco BPM SpA priced €350 million of 3¼% subordinated tier 2 fixed-to-floating notes due January 2031 (B1/DBRS: BB) at 99.53, according to a notice.
After five years, the notes will become callable and the coupon will reset to the five-year swap rate plus 380 basis points.
The notes were issued as part of Banco BPM’s euro medium-term note program.
Joint bookrunners on the Regulation S deal were Banka Akros, Bank of America, Credit Suisse, Deutsche Bank, HSBC and Unicredit.
Banco BPM is a retail bank based in Verona, Italy.
| Issuer: | Banco BPM SpA
|
| Issue: | Subordinated tier 2 fixed-to-floating notes
|
| Amount: | €350 million
|
| Maturity: | January 2031
|
| Bookrunners: | Banka Akros, Bank of America, Credit Suisse, Deutsche Bank, HSBC and Unicredit
|
| Coupon: | 3¼% for first five years; resets to five-year swap rate plus 380 bps
|
| Price: | 99.53
|
| Call option: | After five years
|
| Announcement date: | Dec. 3
|
| Ratings: | Moody’s: B1
|
| DBRS: BB
|
| Distribution: | Regulation S
|
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