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Bond Market News
Banca Monte Dei Paschi Upgraded to Ba2 by Moody’s
May 16, 2024
Banca Monte Dei Paschi and its senior unsecured debt were upgraded by a notch to Ba2 from Ba3 by Moody’s. The upgrade reflects the improvement in credit metrics of the bank along with strengthening of its solvency as a result of the favorable interest rate environment in the EU, coupled with €2.5bn ($2.7bn) of capital raised in November 2022. The upgrade also takes into account the increased capital strength of Banca Monte, having reported a CET1 ratio of 18.2% as of end-March, much higher than its initial business target of 15.4% in 2026. The outlook on the company’s long term deposit and senior unsecured debt were revised to stable from positive.
Banca Monte’s bonds traded stable with its EUR 2.625% 2025s trading at 98.5, yielding 4.33%
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