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Intesa Sanpaolo SpA Launches EUR 1 Billion 12-Year Covered Bonds

Wednesday, 16 Jan 2013 02:02pm EST 

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. 

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19 Dec 2014