Mediobanca has stretched investor demand for equity-linked bonds from Italian financial service groups to the limits with a second convertible bond in two weeks.

The most recent, an exchangeable into IntesaBCI, the Italian bank that used to be called Banca Intesa, could raise as much as €625m ($535m). It will come out ahead of a €350m exchangeable into Eni, the oil group. Mediobanca closed the public offering for that issue on Monday, but is still taking institutional orders.