Intesa Sanpaolo launches €1bn Eurobond

Intesa Sanpaolo has launched a €1bn senior unsecured benchmark Eurobond targeted at international markets.

It is a 7-year, fixed-rate issue under the Euro Medium Term Notes Programme of Intesa Sanpaolo.

The 2% coupon is payable in arrears on June 18th of each year, while the re-offer price is 99.690% with a yield to maturity is 2.048% per annum.

The total spread for the investor is equal to the mid-swap rate plus 98 basis points.

The bond issue’s minimum denomination is of €100,000 and of €1,000 thereafter.

The bond is not offered to the Italian retail market, but it is distributed to international institutional investors and financial institutions.

It will be listed on the Luxembourg Stock Exchange and, as usual, traded Over-the-Counter.

Banca IMI, BofA Merrill Lynch, HSBC, Natixis and UBS Investment Bank act as joint lead managers for the placement of the bond.

The ratings assigned to Intesa Sanpaolo’s senior long-term debt are: Baa2 by Moody’s, BBB by Standard & Poor’s, BBB+ by Fitch and A (low) by DBRS.



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