BMPS hits market with senior preferred trade as merger hopes rise

摘要

BANCA MONTE DEI PASCHI DI SIENA hit the senior market for a more than twice subscribed €750m long five-year senior preferred transaction on Tuesday, supported by the surprise news of UniCredit chief executive Jean Pierre Mustier's departure, which was seen as increasing the likelihood of a merger between the two banks. The deal was deemed an impressive result for a bank that faces a capital shortfall next year and has rarely been out of the headlines in recent weeks, as speculation over its future drags on. Leads Credit Suisse, Deutsche Bank, IMI-Intesa Sanpaolo, MPS Capital Services and Societe Generate opened books for the January 2026 transaction with initial price thoughts of 270bp-275bp over mid-swaps. The spread was set at 240bp, with the final book above €1.65bn. Leads said that the supportive developments came as a pleasant surprise. Bankers away from the deal speculated that increasing confidence in a tie-up will have encouraged some investors to take part.