Key Developments: Intesa Sanpaolo SpA (IITSF.PK)
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Latest Key Developments (Source: Significant Developments)
Acotel Group SpA Acquires Entire Stake in Noverca Srl and Noverca Italia Srl following Share Capital Increase not Subscribed by Intesa Sanpaolo SpA
Acotel Group SpA announced that following the share capital increases of the two companies Noverca Srl and Noverca Italia Srl, Acotel Group and Noverca have subscribed for EUR 15,666 and EUR 1,180 respectively and have shown commitment to also subscribe what could appear as not subscribed (equal to a maximum of EUR 1,741 and EUR 1,608). Intesa Sanpaolo SpA, previously owner of 10% of the share capital of Noverca Srl and of 34% of Noverca Italia Srl, has not participated in the share capital increases and thus does not appear to be holder of any shares in both companies. To date, Acotel Group is owner, directly and indirectly, of 100% stake in both companies. Noverca Srl is also defining the final agreements which will allow it to operate as a MVNE (Mobile Virtual Network Enabler). Noverca Italia Srl is instead operating to valorize its activities as Full MVNO in Italy. Full Article
Intesa Sanpaolo SpA Appoints Chief Financial Officer
Intesa Sanpaolo SpA announced that Mr. Stefano Del Punta has been appointed Chief Financial Officer of the Company. Full Article
Intesa Sanpaolo SpA Appoints Chairman of Management Board
Intesa Sanpaolo SpA announced that it has appointed Mr. Gian Maria Gros-Pietro Chairman of the Management Board of the Company. Full Article
Class Editori SpA Concludes Sale of 31.25% Stake in Class Digital Service to Intesa Sanpaolo SpA
Class Editori SpA announced that it has concluded on March 20, 2013 the sale to Intesa Sanpaolo SpA of a 31.25% stake in Class Digital Service. The transaction occurred on the basis of a price of EUR 5 million. Full Article
Fitch Ratings Lowers Intesa Sanpaolo SpA's Long-Term and Viability Ratings; Short-Term Rating Confirmed
Intesa Sanpaolo SpA announced that Fitch Ratings lowered the Bank’s long-term rating to BBB+ from A-, with negative outlook, and its Viability Rating to bbb+ from a-. The short-term rating was confirmed at F2. The rating actions follow the downgrade of Italy’s long-term rating to BBB+ from A- with negative outlook announced by Fitch on March 8, 2013. Intesa Sanpaolo’s long- and short-term ratings are now at the same level as, and capped at, the Italian sovereign ratings. Full Article
Intesa Sanpaolo SpA to Propose FY 2012 Dividend Distribution
Intesa Sanpaolo SpA announced that the Board of Directors has decided to propose at the next Ordinary Shareholders' Meeting the distribution for fiscal year 2012 of approximately EUR 832 million cash dividends, paying out EUR 0.05 on ordinary shares and EUR 0.061 on saving shares, before tax (for fiscal year 2011 EUR 0.05 per ordinary share and savings share). Specifically, the proposal envisages the distribution of a total amount of EUR 831,957,531.97, deriving from EUR 0.05 on each of the 15,501,512,155 ordinary shares and EUR 0.061 on each of the 932,490,561 savings shares; dividend quota not distributed related to any own shares held at the date of coupon presentation shall be assigned to the extraordinary reserve. The dividend payment, if approved at the Shareholders' Meeting, will start from May 23, 2013 (with coupon presentation on May 20, 2013 and record date on May 22, 2013). The dividend yield is 4% per ordinary share and 5.8% per savings share, based on the Intesa Sanpaolo stock price on March 11, 2013. Full Article
Intesa Sanpaolo SpA Launches EUR 1 Billion 12-Year Covered Bonds
Intesa Sanpaolo SpA announced that it has launched, on January 16, 2013, an EUR 1 billion Covered Bonds (Obbligazioni Bancarie Garantite, OBG) issue targeted at institutional markets to optimize its treasury management. It is a 12-year, fixed-rate issue under the EUR 20 billion OBG Program mostly backed by residential and commercial mortgages assigned by Intesa Sanpaolo. The bond issued on January 16, 2013 follows the senior dual-tranche bond issue of a total amount of USD 3.5 billion on the US market on January 8, 2013. The 3.375% coupon is payable in arrears on January 24 of each year. The re-offer price is 99.418%. Considering the re-offer price, the yield to maturity is 3.435% per annum. The total spread for the investor is equal to the mid-swap rate plus 150 basis points, 106 basis points under the BTP of the same maturity. Settlement is due on January 24, 2013. Minimum denomination of the bond issue is EUR 100 thousand and multiples. 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 traded Over-the-Counter. Banca IMI, Credit Agricole CIB, HSBC, RBS and UniCredit act as joint lead managers for the placement of the bond. Full Article
Intesa Sanpaolo SpA Launches USD 3.5 Billion Senior Dual-Tranche Bond Issue on Unites States Market
Intesa Sanpaolo SpA announced that it has launched a senior dual-tranche bond issue targeted exclusively at the United States and Canadian markets for a total amount of USD 3.5 billion. This dual tranche, issued under the USD Medium Term Notes Programme of Intesa Sanpaolo, is composed of a 3-year, fixed-rate bond issued for an amount of USD 2 billion, and a 5-year, fixed-rate bond issued for an amount of USD 1.5 billion. With reference to the 3-year fixed-rate bond, the coupon, payable semi-annually in arrears on every January 15 and July 15 of each year from and including July 15, 2013 up to the maturity date, is equal to 3.125% per annum (first short coupon from January 16, 2013 to July 15, 2013). The re-offer price is 99.966% and the yield to maturity is 3.137% per annum. With reference to the 5-year fixed-rate bond, the coupon, payable semi-annually in arrear on every January 16 and July 16 of each year from and including July 16, 2013 up to the maturity date, is equal to 3.875% per annum. The re-offer price is 99.851% and the yield to maturity is 3.908% per annum. Settlement for both issues is due on January 16, 2013. Maturity for the 3-year issue is due on January 15, 2016 and for the 5-year issue is due on January 16, 2018. The minimum denomination of the bond issue is USD 200,000 and USD 1,000 thereafter. Banca IMI, Goldman Sachs, JP Morgan Securities Inc. and Morgan Stanley are the joint lead managers of the bond offering. Full Article
Intesa Sanpaolo SpA Launches EUR 1.25 Billion 10-Year Bond
Intesa Sanpaolo SpA announced that it has launched a EUR 1.25 billion Obbligazioni Bancarie Garantite (OBG) issue targeted at institutional markets to optimize its treasury management. It is a 10-year, fixed-rate issue under the EUR 20 billion OBG Programme mostly backed by residential and commercial mortgages assigned by Intesa Sanpaolo. The 3.625% coupon is payable in arrears on December 5 of each year. The re-offer price is 99.03%. Considering the re-offer price, the yield to maturity is 3.743% per annum. The total spread for the investor is equal to the mid-swap rate plus 200 basis points, 106 basis points below the BTP of equivalent maturity. Settlement is due on December 3, 2012. Minimum denomination of the bond issue is EUR 100,000 and multiples. 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, Barclays, Deutsche Bank and Societe Generale Corporate & Investment Banking act as joint lead managers for the placement of the bond. Full Article
Intesa Sanpaolo SpA Launches EUR 1.25 Billion Eurobond Issue
Intesa Sanpaolo SpA announced that it has launched a EUR 1.25 billion Eurobond issue targeted at international markets to optimize its treasury management. It is a seven-year, fixed-rate issue under the Euro Medium Term Notes Programme of Intesa Sanpaolo. The demand, about 90% of which derives from foreign institutional investors, exceeded 4.7 billion (over 3.7 times the issued amount) with over 350 orders. The 4.375% coupon is payable in arrears on October 15 of each year. The re-offer price is 99.481%. Considering the re-offer price, the yield to maturity is 4.463% per annum. The total spread for the investor is equal to the mid-swap rate plus 315 basis points. Settlement is due on October 15, 2012. Minimum denomination of the bond issue is EUR 100 thousand and multiples. 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, Bank of America Merrill Lynch, Barclays, BNP Paribas and HSBC 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 and A- by Fitch. Full Article
UPDATE 1-Intesa's Q1 profit beats forecasts but loan loss charges rise
* Bank created special 20 bln euros cash buffer (Adds detail from statement, CEO, trader comment)
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