February 20, 2017 / 11:07 AM / 6 months ago

Vicenza revises guidance on government guaranteed bond

LONDON, Feb 20 (IFR) - Banca Popolare di Vicenza has revised guidance for the partial remarketing of a €3bn 0.50% 2020 senior unsecured bond, according to a lead.

Guidance for the expected €1bn deal (BBB+/BBBH, Fitch/DBRS) has been tightened to 60bp area (+/-2bp, will price in range) over the 4.5% February 2020 BTP from an initial plus 65bp area.

Orders have passed €2.1bn via lead managers Banca IMI and Morgan Stanley. Books are due to close 11.15am UK time.

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 Alice Gledhill, Editing by Helene Durand)

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