Published on 7/23/2019 in the Prospect News High Yield Daily.
New Issue: Banca Popolare di Sondrio prices €200 million 6¼% 10-year tier 2 capital at par
By Paul A. Harris
Portland, Ore., July 23 – Banca Popolare di Sondrio priced €200 million of 10-year subordinated unsecured tier 2 bank capital (Fitch: expected BB) at par to yield 6¼% on Tuesday, according to market sources.
The yield printed in the middle of yield talk in the 6¼% area.
Joint bookrunner JPMorgan will bill and deliver for the Regulation S-formatted deal. Banca IMI, BNP Paribas, Natixis, SG and UniCredit were also joint bookrunners.
The issuer is a bank based in Sondrio, Lombardy, Italy.
| Issuer: | Banca Popolare di Sondrio BB
|
| Amount: | €200 million
|
| Maturity: | July 30, 2029
|
| Security description: | Subordinated unsecured tier 2 bank capital
|
| Bookrunners: | JPMorgan (bill and deliver), Banca IMI, BNP Paribas, Natixis, SG and UniCredit
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Call: | July 30, 2024
|
| Trade date: | July 23
|
| Settlement date: | July 30
|
| Expected rating: | Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 6¼% area
|
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