Intesa Sanpaolo launches five-year benchmark eurobond

Italy’s Intesa Sanpaolo has launched a €1bn senior unsecured benchmark eurobond aimed at international markets.

It is a five-year, fixed-rate bond issued under the Euro Medium Term Notes Programme of Intesa Sanpaolo. The 3% coupon is payable in arrears on January 28th of each year and the re-offer price is set at 99.714%, Intesa Sanpaolo said.

Considering the re-offer price, the yield to maturity will  be 3.062% per annum. The total spread for the investor is equal to the mid-swap rate plus 195 basis points, the firm also said.

The minimum denomination of the bond issue will be of €100,000 and o€1,000 thereafter.

The bond will not be issued on the Italian retail market. as it will be exclusively made available to international institutional investors and financial institutions.

It will be listed on the Luxembourg Stock Exchange and will be traded Over-the-Counter, the group also said. Banca IMI, BNP Paribas, HSBC, Morgan Stanley and UBS will 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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