Intesa Sanpaolo launches €1.25bn eurobond

Intesa Sanpaolo has launched a €1.25bn eurobond issue targeted at international markets to optimise its treasury management.

In a statement, the bank said the issue is 7-year and fixed-rate, under the Euro Medium Term Notes Programme of the bank.

The 4.375% coupon is payable in arrears on October 15 of each year.

“The issue follows the Group’s successful 18-month, 5-year, 3-year and 4-year senior unsecured benchmark bonds placed in January, February, July and September 2012 respectively for a total of €4.75bn. The demand, about 90% of which derives from foreign institutional investors, exceeded €4.7bn with over 350 orders,” the bank said.

The bond is not offered to the Italian retail market and will be distributed to international institutional investors and financial institutions. It will be listed on the Luxembourg Stock Exchange and traded over-the-counter.

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