Milano, 18 March 2005

Banca Intesa has launched on the international markets a 500 million euro bond issue under its Medium Term Notes programme.


It is a ten-year, Senior, fixed-rate Euro Medium Term Notes issue with an annual coupon of 3.875%.


The issue price is 99.123%.


Considering that it was issued below par, the total spread for the investor is 32.20 basis points above the 3.75% Bund maturing in January 2015 and 25 basis points above the 4.25% Italian Government bond maturing in 2014. The swap spread is three-month Euribor plus 24 basis points.


Settlement is due on 1st April.


The bond is not offered to the Italian retail market but is distributed to international institutional investors and financial institutions. It will be listed on the Luxembourg Stock Exchange and, as usual, traded in the Over-the-counter.


This bond issue marks Banca Intesa’s introduction of a ten-year, fixed-rate benchmark. It adds to an already efficient and complete yield curve of three to twelve-year floating rate issues.


Banca Caboto, Calyon and JP Morgan will be acting as lead managers for the placement of this bond.



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