BMPS overcomes doubts with much-needed Tier 2

摘要

BANCA MONTE DEI PASCHI Dl SIENA negotiated concerns over its chequered past and an uncertain future to complete a long-awaited sale of subordinated debt last week. It was a much-needed trade for a bank that came close to collapse in 2017 and remains an extremely challenged credit. BMPS sold a Tier 2 issue in January 2018, but plans for a second round of funding were frustrated as Italian funding costs shot up over the course of the year.