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Allen & Overy advises on Banca Monte dei Paschi di Siena senior preferred fix-to-floater bond

Allen & Overy advised the financial institutions acting as Joint Bookrunners on a senior preferred fix-to-floater bond by Banca Monte dei Paschi di Siena S.p.A. for a total nominal value of EUR750 million. The issuance, intended for institutional investors, has a three-year maturity (2 March 2026) with a call option for the issuer in the second year.

The notes have a fixed annual coupon equal to 6.75% for the first two years. Should the issuer not call the bond on the second-year optional redemption date, 2 March 2025, the coupon will reset to a floating rate equal to three-months’ Euribor, increased at a margin of 3.206%.
The bond has been documented under BMPS’ Euro Medium Term Notes programme and has been listed on the Luxembourg Stock Exchange.
Allen & Overy’s team advising the Joint Lead Manager and the Joint Bookrunners – among others, Mediobanca, MPS Capital Services, NatWest Markets, Santander and Société Générale – was led by the partners and co-heads of the Italian International Capital Markets practice, Cristiano Tommasi and Craig Byrne, supported by associate Elisabetta Rapisarda and trainee Paolo Martellone.

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