Intesa Sanpaolo launches mortgage-backed covered bonds

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Intesa Sanpaolo has issued €1bn in covered bonds targeting institutional markets.

It is a seven-year, fixed-rate issue under the €20bn cover bonds programme mostly backed by residential mortgages, Intesa Sanpaolo said.

The 0.625% coupon is payable in arrears on January 20th of each year. The re-offer price is 99.375%.

Considering the re-offer price, the yield to maturity is 0.717% per annum, equivalent to the midswap rate plus 25 basis points, 60 basis points under the BTP of the same maturity.

Settlement is due on January 23rd 2015. Minimum denomination of the bond issue is€100,000 and multiples.

The bond is not offered to the retail market; it is distributed to institutional investors and financial institutions. It will be listed on the Luxembourg Stock Exchange and, as usual, traded Over-the-Counter.

Banca IMI, Commerzbank, Crédit Agricole CIB, Danske Bank, HSBC and LBBW act as joint lead managers for the placement of the bond.



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