Milano, 05 July 2006
Today, Banca Intesa has launched a GBP 750 million Subordinated Lower Tier II bond issue on the international markets under its Euro Medium Term Notes Programme.
It is a 10.5 year Medium Term Notes issue callable upon coupon payment date falling in December 2011.
The Issuer will pay a fixed rate coupon equal to 5.50% payable annually in arrear on 19th December of each year starting from 19th December 2006 to 19th December 2011 (short first coupon from 19th July 2006 to 19th December 2006). Afterwards, if the note is not redeemed early by the Issuer, the coupon rate will be turned from fixed into floating and be equal to three-month GBP LIBOR rate plus 100 bps.
The issue price is 99.709 %.
Considering the issue price, the total spread for the investor calculated at the call date is equal to 75 bps above UKT 4.25% November 2011 Government Bonds.
Settlement is due on 19th July 2006.
The bond is not targeted to Italian retail investors; it is distributed to international institutional investors only. It will be listed on the Luxembourg Stock Exchange and, traded, as usual, in the Over-the-Counter.
Lead Managers are: Banca Caboto, Barclays and Royal Bank of Scotland.
The ratings assigned to Banca Intesa’s senior long-term debt are: Aa3 by Moody’s, A+ by Standard & Poor’s and A+ by Fitch.
Last updated 5 July 2006 at 00:00