Banca Monte tightens talk on €300 million 10-year bullet to 10½%

By Paul A. Harris

Portland, Ore., July 16 – Italy's Banca Monte dei Paschi di Siena SpA launched €300 million of non-callable subordinated tier 2 capital due July 23, 2029 (expected ratings Caa2//CCC+) at 10½%, according to market sources.

Initial price talk was 11% to 11½%.

The Regulation S bank capital deal is expected to price on Tuesday.

JPMorgan and Mediobanca are joint global coordinators and joint bookrunners. Barclays, Banca Monte and UBS are also joint bookrunners.

JPMorgan will bill and deliver.

The bank is based in Sienna.

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