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Intesa Sanpaolo SpA Launches EUR 1.25 Billion Eurobond Issue

Monday, 8 Oct 2012 12:38pm EDT 

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. 

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