LONDON, Feb 20 (IFR) - Banca Popolare di Vicenza has launched a €1.25bn government guaranteed bond, having received orders of around €2.5bn, according to a lead.
Lead managers Banca IMI and Morgan Stanley have set guidance at 58bp over the 4.5% February 2020 BTP for the trade, which is a partial remarketing of a €3bn 0.50% 2020 senior unsecured bond.
The bookrunners started marketing the deal (BBB+/BBBH, Fitch/DBRS) at 65bp area on Monday morning. This was then revised to 60bp (+/-2bp).
The bond, issued and retained earlier this month, benefits from a state guarantee. Leads are aiming to sell the notes later on Monday. (Reporting by Helene Durand, editing by Robert Smith)