The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Ambrosiano makes a splash in calm waters

Issuer: Ambroveneto International Bank

Amount: $500 Million

Issue type: floating-rate note

Launched: December 3

Bookrunner: Barclays Capital; UBS

As Christmas presents go, this could not be more welcome for each of the players involved. The issuer, Banco Ambrosiano Veneto (BAV) through its Cayman Islands subsidiary, needed to have the final piece of its financing jigsaw in place for its acquisition of Cariplo early in the new year. For Barclays Capital, still in the process of redefining its role after the sale of Barclays' equities and advisory businesses, an innovative, successful deal was just the boost it needed. Meanwhile, a deal such as this was also very welcome for UBS, about to embark on a merger with SBC which may all but kill off its investment-banking arm. The deal was so successful that the original $400 million size was increased by $100 million the following day. Even the other members of the syndicate were happy.

The deal marks a number of firsts: the debut international bond for BAV, the first issue of upper tier-two debt by an Italian bank and the largest upper tier-two debt issue so far in the Euromarkets. It might also reopen the market for raising bank capital, a market which was severely hit by the upheavals in the last quarter of 1997.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree