September 12, 2019 / 1:17 PM / a year ago

EU grants Monte dei Paschi more time to issue junior debt

MILAN, Sept 12 (Reuters) - The European Commission said on Thursday it had granted Italy an extension of the deadline by which bailed-out lender Monte dei Paschi di Siena must issue a certain amount of subordinated debt.

The Commission said Italy had proposed in exchange a series of additional commitments aimed at further reducing Monte dei Paschi’s cost base and restore its viability.

After being unable to tap markets to raise riskier debt for many months due to political turmoil at home, Monte dei Paschi seized a favourable market window in July and issued 300 million euros of 10-year Tier2 debt paying a 10.5% yield. (Reporting by Valentina Za, editing by Silvia Aloisi)

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