Italy's MPS to price 10-year covered bond

Tue Jul 8, 2014 3:25am EDT

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LONDON, July 8 (IFR) - Italy's Banca Monte dei Paschi di Siena is testing investor interest for a 10-year euro covered bond at mid-swaps plus 150bp area, according to a lead manager.

Bank of America Merrill Lynch, Deutsche Bank, HSBC, MPS and UBS are lead managers of the deal which is expected to be rated Baa3/A by Moody's and Fitch. The issue is to be priced later on Tuesday. (Reporting by Aimee Donnellan; editing by Alex Chambers)