Chicago, June 7 – Banco BPM SpA priced €750 million of 6% green senior non-preferred notes with a five-year tenor (Ba2//BB+/DBRS: BBBL) on Wednesday, according to a source.
The notes priced at 99.955 to yield 6.013%, or at mid-swaps plus 280 basis points. Price talk was in the mid-swaps plus 300 bps area.
The fixed coupon resets on June 14, 2027 to Euribor plus a margin.
The notes may be redeemed at par on June 14, 2027.
Banca Akros, BNP Paribas, BofA Securities, Citi, HSBC, Santander and UBS are the joint lead arrangers.
The order book was above €1.15 billion.
Proceeds will be allocated to finance and refinance green eligible loans.
The retail bank is based in Italy.
| Issuer: | Banco BPM SpA
|
| Amount: | €750 million
|
| Issue: | Green senior non-preferred notes
|
| Maturity: | June 14, 2028
|
| Bookrunners: | Banca Akros, BNP Paribas (billing and delivery), BofA Securities, Citi, HSBC, Santander and UBS
|
| Coupon: | 6% initial rate; resets to floating rate on June 14, 2027
|
| Price: | 99.955
|
| Yield: | 6.013%
|
| Spread: | Mid-swaps plus 280 bps
|
| Call features: | At par on June 14, 2027
|
| Trade date: | June 7
|
| Settlement date: | June 14
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB+
|
| DBRS: BBBL
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 300 bps area
|
| ISIN: | IT0005549479
|
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