(Alliance News) - Banco BPM on Tuesday announced that it has concluded the placement of a new EUR500 million, 7-year maturity Covered Bond issue aimed at institutional investors under its EUR10 billion Guaranteed Bank Bond program - BPM Covered Bond 2.

This is the second European Covered Bond (Premium) issue issued by Banco BPM during 2024.

The bond, which will be listed on the Luxembourg Stock Exchange, has an expected rating of Aa3 from Moody's.

This public covered bond issue has a yield equal to the benchmark mid-swap rate + 58 basis points, a fixed-rate coupon of 3.25 percent and maturity on May 28, 2031.

"Confirming the high level of interest in the Group from Italian and foreign investors, the issue has raised orders for more than EUR1.6 billion," reads the released note.

Banco BPM closed Tuesday's session just below par at EUR6.60 per share.

By Maurizio Carta, Alliance News reporter

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