Intesa Sanpaolo launches five-year Eurobond

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Italy’s Intesa Sanpaolo has launched a €1.25bn senior unsecured benchmark eurobond targeted at international markets.

It is a five-year, fixed-rate issue under the Euro Medium Term Notes Programme of Intesa Sanpaolo. The 1.125% coupon is payable in arrears on January 14th of each year.

The re-offer price is 99.446%. Considering the re-offer price, the yield to maturity is 1.24% per annum, equivalent to the 5-year mid-swap rate plus 90 basis points. Settlement is due on January 14th 2015.

Minimum denomination of the bond issue is €100,000 and €1,000 thereafter.

The bond is not offered to the Italian retail market; 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, Credit Suisse, Deutsche Bank, Goldman Sachs and Société Générale 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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