Intesa Sanpaolo launches 5-year bond – Milano Finanza

Intesa Sanpaolo launches 5-year bond – Milano Finanza

Intesa Sanpaolo has launched a senior bond lasting five years. And ‘how did you know a financial source, adding that the expected return is equal to the rate mid-swap plus 100 basis points area. The book orders were opened in the morning and the closing is expected during the day.

To play the role of leader of the operation are Banca IMI, Credit Suisse, Deutsche Bank , Goldman Sachs and SG CIB. The last issue of the bank dates back to last September 8, when he placed a subordinated bond benchmark type Tier 2 billion-euro, with a coupon of 3.928% and a maturity of 12 years, receiving orders for € 3.25 billion.

On that occasion, the indication of return, initially set in area 275 basis points above the mid-swap, was later revised to 260 basis points and the bond was priced at par. The title, destined to foreign institutional investors, was part of the Euro EMTN program and had obtained a rating of Ba1 by Moody’s, BBB- by Standard & amp; Poor’s and BBB by Fitch.

The last senior bonds, for seven years, was done in the first ten days of June and had brought into the coffers of Intesa a billion euro. Against an initial goal of raising at least 500 million euro, in fact, the institute had decided to increase the collection precisely one billion after the application had reached 3.4 billion. The guidance of return was set at 98 basis points above the mid-swap rate (as a first indication of between 105 and 110 basis points, later revised to 100 basis points). At the moment on the Milan Stock title Intesa Sanpaolo salt of 1.60% to 2.282 euro.