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Allen & Overy advises on the issuance of the “premium” covered bond by Banca Popolare di Sondrio

Allen & Overy advised BNP Paribas, as arranger, dealer and liability swap provider, and Banca Finanziaria Internazionale, as arranger, in the updating of Banca Popolare di Sondrio’s EUR5 billion covered bond issuance programme, guaranteed by POPSO Covered Bond, in light of new Italian legislation on the issuance of covered bonds.

Following the update, Allen & Overy assisted the joint lead managers, Intesa Sanpaolo (divisione IMI CIB) and UniCredit as global coordinators, and Banca Akros, Erste Group, Landesbank Baden-Württemberg, Natixis and Raiffeisen Bank International as joint bookrunners, in the issuance of the bank's Series 3 covered bonds, with a nominal value of EUR500 million and maturity in 2028.

The covered bonds achieved the "Premium" label pursuant to the new Italian and European legislation that regulates the issuance of covered banking bonds.

The Allen & Overy team was led by partner Pietro Bellone, with the support of associate Chiara D'Andolfo. Counsel Elia Ferdinando Clarizia provided assistance on tax-related aspects.