FIG

摘要

Bper Banca demonstrated the premium demanded of smaller Italian lenders in the wholesale market following a crackdown on bond sales to retail investors, historically an important source of funding for the sector. Though well known to covered buyers, BPER (Ba2/NR/BB) is rarely seen in the unsecured sector and last Tuesday's €500m 10-year non-call five (expected B1/NR/BB-) was its first public Tier 2 euro issue since 2007.