Goldman Sachs is the frontrunner to benefit from the decision by Banca Popolare di Lodi (Bipielle), the regional Italian bank, to issue a €1bn ($1.1bn) convertible bond as part of a capital increase.

Goldman was the sole bookrunner of the Italian bank's last convertible issue in March 2000. Banca Popolare di Lodi raised €299.9m. The US firm was also the sole bookrunner of a €496.6m share sale by the Italian bank in March 2000 to raise funds for an acquisition. ABN Amro Rothschild also has close links with Banca Popolare di Lodi as it led the Italian bank's initial public offering in 1998.