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)