Banco BPM €500 million 4.375% subordinated notes issue

Overview:

• Banco BPM has issued €500 million in subordinated notes.
• The 4.375% notes are due 2027 and were issued under the bank's €25 million EMTN programme.
• Banca Akros, Barclays, Citigroup, Goldman Sachs, JPMorgan and Société Générale acted as bookrunners.
• Banco BPM was formed in January 2017 through the merger of Banca Popolare di Milano and Banco Popolare. It is Italy's third largest banking group.
• The deal is the first subordinated debt issue by an Italian bank since the liquidation of Veneto Banca and Banca Popolare di Vicenza.

Katrin Kostadinova - Data analyst