Banca Monte dei Paschi di Siena places €500 million Senior Preferred bond

Banca Monte dei Paschi di Siena has placed a senior unsecured fixed-to-floating bond with a nominal value of €500 million and a three-year maturity (due 2029), reserved for institutional investors. The bond is documented under Banca Monte dei Paschi di Siena's Debt Issuance Programme and has been admitted to listing on the regulated market of the Luxembourg Stock Exchange.

The bond carries a fixed-to-floating coupon structure: a fixed annual rate of 3.250% for the first two years, up to 10 June 2028. From that date, if the issuer has not exercised the call option, the coupon will be paid on a quarterly basis at a rate determined by three-month Euribor plus a margin of 50 basis points.

The Joint Lead Managers for the transaction were Citi, Mediobanca, Monte dei Paschi di Siena, NatWest Markets N.V., Société Générale, UBS Investment Bank (B&D) and UniCredit.

Banca Monte dei Paschi di Siena was assisted by Dentons, with a team led by partner Annalisa Feliciani and comprising associate Edoardo Zeppilli.

The Joint Lead Managers were assisted by A&O Shearman, with a team led by partner Cristiano Tommasi, supported by counsel Sarah Capella, senior associate Elisabetta Rapisarda and trainee Antonio Iuliano. Tax matters were handled by counsel Elia Ferdinando Clarizia.

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