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Popolare Vicenza issues state-backed bond for 3 bln euros
February 3, 2017 / 11:22 AM / 9 months ago

Popolare Vicenza issues state-backed bond for 3 bln euros

MILAN, Feb 3 (Reuters) - Italian troubled lender Banca Popolare di Vicenza said on Friday it had issued a bond for 3 billion euros ($3 billion) guaranteed by the state.

The note pays a 0.5 percent coupon and matures on Feb. 3, 2020, the bank said in a statement, adding it subscribed the bond and could sell it on the market or use it as a collateral when seeking loans from others.

The state guarantee is seen as a tool to help the bank fund itself on the market and counter a drop in current account deposits while it tries to restructure its operations and merge with rival Veneto Banca. ($1 = 0.9311 euros) (Reporting by Francesca Landini; editing by Agnieszka Flak)

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