Iccrea Banca S.p.A. : Issuance Focus

Iccrea Banca is, as expected, returning to the debt capital markets one month after the issuance of its second Tier 2. Since then, as we expected, S&P revised the Outlook to Stable from Negative, reflecting its opinion that the pandemic's effect on GBCI balance sheet will remain contained. The transaction consists in a EUR Social Senior Preferred (SP) bond with a long 5NC4 structure issued under the bank’s EMTN programme. The issuance aims at building further the MREL position o...