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A&O Shearman advises Banco BPM on its first Social Covered Bond (Premium) issue for EUR750 million

A&O Shearman advises Banco BPM on its first Social Covered Bond (Premium) issue for EUR750 million
Published Date
Mar 12 2025
A&O Shearman has advised Banco BPM on its first Social Covered Bond issue intended for institutional investors, for an amount of EUR750m and 4.5 year-maturity, issued under Banco BPM’s EUR10 billion Covered Bank Obligations program (BPM Covered Bond 2).
The bond is the first European Covered Bond (Premium) of 2025, whose proceeds will be used to refinance Eligible Social Loans, as defined in the Bank's Framework. In particular, the proceeds shall be used mainly to refinance residential mortgages granted to disadvantaged people with a government guarantee covering from 80% to 100% of the loan disbursed.
The A&O Shearman team was led by partner Pietro Bellone, supported by associate Aldo Brombin Tuzzato and trainee Anna Zanolli.

“This transaction demonstrates how financial institutions can play a crucial role in supporting disadvantaged communities. Transactions with a social impact are constantly growing, and we are pleased to be alongside our clients at the forefront of this positive trend.”

Image of Pietro Bellone

Pietro Bellone

Partner

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