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

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.