Hogan Lovells advises on Banco BPM's first EUR €750 million Social Covered Bond issuance

Press releases | 20 March 2025

Rome, 20 March 2025- Global law firm Hogan Lovells has advised the joint lead manager on the placement of Banco BPM's first EUR 750 million Social Covered Bond, issued to institutional investors with a 4.5-year maturity under the bank’s EUR 10 billion BPM Covered Bond 2 programme.

This marks the first European Covered Bond (Premium) issuance of 2025, with proceeds earmarked for refinancing Eligible Social Loans as defined in the framework drawn up by the Bank to pursue its ESG strategy. The funding will primarily support the refinancing of residential mortgages granted to disadvantaged individuals, benefiting from an 80% or greater state guarantee.

Hogan Lovells advised the banks with a team led by partner Annalisa Dentoni-Litta, supported by senior associate Alessandro Azzolini and associate Andrea Di Paola. Serena Pietrosanti (Head of Tax Italy) and Maria Cristina Conte (counsel) have advised on the tax aspects of the transaction.