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Intesa Sanpaolo SpA Launches USD 3.5 Billion Senior Dual-Tranche Bond Issue on Unites States Market


Tuesday, 8 Jan 2013 11:43am EST 

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. 

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