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Monte dei Paschi launches €400M Tier 2 bond

Banca Monte dei Paschi di Siena SpA launched a €400 million Tier 2 bond as part of a commitment to issue €1.45 billion in subordinated debt under its restructuring plan, Reuters reported.

The move after the European Commission approved Italy's request to extend the deadline for the bank to issue a certain amount of Tier 2 instruments, and after Moody's upgraded the bank's baseline credit assessment on account of an improvement in its asset quality and funding profile.

Monte dei Paschi, which is ramping up the sale of nonperforming loans, issued €500 million in international bonds in September 2019.