Banca Popolare to issue bond

Italy’s Banca Popolare de Milano is to issue a state-backed “Tremonti” bond worth €500m (£453m). The bank, the second to issue the type of bond named after economy minister Giuliano Tremonti, said it had met government requirements to launch the issue within the next 15 days. A Tremonti bond is issued by a bank and bought by the state in exchange for commitments on lending to businesses.