Italy’s Intesa Sanpaolo confirms €5bn demand for Obbligazioni Bancarie Garantite issue
Italy’s Intesa Sanpaolo said today it has received a demand of €5bn for its Obbligazioni Bancarie Garantite issue, targeted at institutional markets to optimise its treasury management.
The demand, about 83% of which came from foreign institutional investors, was over 4 times higher than the €1.25bn target. Settlement is due on December 3.
The bond is not offered to the Italian retail market and is distributed to international institutional investors and financial institutions. It will be listed on the Luxembourg Stock Exchange and traded over the counter.
This issue confirms the group’s strong funding capability, Intesa said.
In the first ten months of the year, Intesa issued five senior eurobonds for €6bn and one OBG issue for €1bn had already been placed on international markets with a total demand exceeding the issuance target by 180%.