Intesa completes €1bn eurobond issue
Italy’s Intesa Sanpaolo has announced a €1bn eurobond issue targeted at international markets, to optimise its treasury management.
The issue has a 3-year duration with fixed-rate and it has been completed under the Euro medium term notes programme of the bank.
It is the first senior unsecured benchmark issue from a eurozone peripheral bank since last week’s EU summit.
“This issue follows the Group’s successful 18-month and 5-year senior unsecured benchmark bonds placed in January and February 2012 respectively,” the bank said.
Demand for the issue exceeded €2bn, of which approximately 70% from foreign institutional investors.
The bond is not offered to the Italian retail market and is only distributed to international institutional investors and financial institutions. It will be listed on the Luxembourg Stock Exchange and traded over the counter.
The 4.875% coupon is payable in arrears on July 10th of each year and settlement is due on July 10.