Banca Monte dei Paschi di Siena has completed its inaugural green bond issuance, pricing a EUR 500 million senior preferred unsecured note with a tenor of six years and three months on 13 November 2025 with a coupon of 3.25% and a maturity date of February 2032. The transaction drew approximately EUR 2 billion in orders, representing around four times the deal size, and priced at a spread of 90 basis points above mid-swap — some 30 basis points tighter than the initial guidance communicated to investors when the book was opened.
The bond was issued under the bank's 2024 Green, Social and Sustainability Bond Framework.
FOUR TIMES OVERSUBSCRIBED AT FINAL PRICING
Investors from across Europe participated, with the final allocation distributed geographically as follows: Italy took 36% of the book, the DACH region accounted for 17%, France for 15%, and Southern Europe for 13%. The remaining 19% went to investors in other countries.
ISSUED UNDER 2024 SUSTAINABILITY FRAMEWORK
BMPS established its Green, Social and Sustainability Bond Framework in 2024. The November issuance is the first green tranche executed under that framework, with proceeds directed toward eligible green assets identified by the bank in line with the framework's stated criteria.