Intesa Sanpaolo launches €1bn benchmark eurobond

Italy’s group Intesa Sanpaolo has launched a €1bn eurobond issue for international markets.

Intesa Sanpaolo’s eurobond is a 10-year, fixed-rate issue under the Euro Medium Term Notes Programme of the firm.
It is the first 10-year senior unsecured benchmark issue from a eurozone peripheral bank since March 2010, Intesa Sanpaolo also said.

The 4% coupon is payable in arrears on October 30th of each year and the re-offer price is 99.161%.
Considering the re-offer price, the yield to maturity is 4.104% per annum. The total spread for the investor is equal to the mid-swap rate plus 203 basis points. The yield is essentially in line with that of the benchmark BTP March 2024. Settlement is due on October 30th 2013.

Minimum denomination of the bond issue is €100,000 plus €1,000 thereafter.
The bond will not be offered to the Italian retail market, but it will be distributed to international institutional investors and financial institutions, the group also said.

Intesa Sanpaolo’s eurobond will be listed on the Luxembourg Stock Exchange and traded Over-the-Counter.

Banca IMI, Bank of America Merrill Lynch, Barclays, Deutsche Bank and Société Générale act as joint lead managers for the placement of the bond, Intesa Sanpaolo also said.

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