After a long wait for the debut of new Italian covered bonds (Obbligazioni Bancarie Garantite) in the Jumbo market, it has finally come true. Banca Popolare di Milano (BPM) started its road show and is planning to launch its first issue as part of a €10 billion ($15.7 billion) issuance program in early July.

According to market reports, Fitch Ratings and Moody’s Investors Service have assigned a preliminary triple-A rating to the issue.

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