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Intesa Sanpaolo SpA Launches EUR 1.25 Billion Eurobond Issue


Monday, 10 Sep 2012 02:58pm EDT 

Intesa Sanpaolo SpA announced that it has launched a EUR 1.25 billion Eurobond issue targeted at international markets. It is a four-year, fixed-rate issue under the Euro Medium Term Notes Programme of Intesa Sanpaolo. The issue follows the Group’s 18-month, five-year and three-year senior unsecured benchmark bonds placed in January, February and July 2012 respectively for the total amount of EUR 3.5 billion. The 4.125% coupon is payable in arrears on September 19 of each year. The re-offer price is 99.592%. Considering the re-offer price, the yield to maturity is 4.238% per annum. The total spread for the investor is equal to the mid-swap rate plus 345 basis points. Settlement is due on September 19, 2012. Minimum denomination of the bond issue is EUR 100 thousand and multiples. The bond is not offered to the Italian retail market and 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, BNP Paribas, Credit Suisse, J.P. Morgan and Morgan Stanley acted 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. 

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