Allen & Overy advises on EUR300 million bond and liability management by Banca Popolare di Sondrio

The bond has maturity to 13 March 2034 and pays a fixed annual coupon equal to 5.505%, until the reset date scheduled to 13 March 2029. From that date, should the issuer not call the option of early reimbursement, the coupon will be redefined on the five-year swap rate applicable at that time, increased by a margin of +2.80% per year. The bond is issued under Banca Popolare di Sondrio’s Euro Medium Term Notes programme and is admitted to listing on the Luxemburg Stock Exchange. 

On 13 March 2024 settlement of the cash tender offer took place in respect of any and all of its “Euro 200,000,000 Fixed Rate Reset Subordinated Notes due 30 July 2029 – ISIN XS2034847637” subordinated Tier 2 bond by Banca Popolare di Sondrio. 

Allen & Overy has advised the financial institutions Dealer Managers on the tender offer and Joint Bookrunners on the issuance and placement of the bond – BofA Securities Europe SA, IMI-Intesa Sanpaolo (CIB Division) and UBS Europe SE. The Allen & Overy team was led by partners Cristiano Tommasi and Craig Byrne, supported by associates Elisabetta Rapisarda and Alessandro Negri. Counsel Elia Ferdinando Clarizia advised on tax aspects.