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Allen & Overy advises on EUR300 million subordinated Tier 2 dematerialised bond by Mediobanca

Mediobanca has completed the placement of a new subordinated Tier 2 reset bond for a nominal value of EUR300 million and maturity in Aprile 2034. 

The bond has an “american” call option at April 2029 and is intended for institutional investors. The bond is the first subordinated dematerialised issuance by Mediobanca and it is centralised with Euronext Securities Milan (Monte Titoli).

The bond will pay an annual fixed coupon of 5.25% until 22 April 2029. From that date, if an early call has not occurred, until the maturity date, the coupon will be equal to the 5-years Mid Swap rate with a  2.75% increase p.a.. The bond is issued under Mediobanca Euro Medium Term Note (EMTN) Programme and was admitted to listing on Euronext Dublin.

Allen & Overy advised Mediobanca and the pool of banks acting as Joint Lead Managers with a team directed by partner Cristiano Tommasi and counsel Emiliano La Sala, supported by associate Edoardo Brugnoli. Counsel Elia Ferdinando Clarizia advised on tax aspects.