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Intesa Sanpaolo Press release

INTESA SANPAOLO RAISES 2.5 BILLION DOLLAR ON THE U.S. MARKET WITH THE LAUNCH OF A 3-YEAR AND 10-YEAR DUAL-TRANCHE BOND ISSUE 

 

Turin - Milan, January 8th 2014 – Intesa Sanpaolo has launched a senior dual-tranche bond issue targeted exclusively at the U.S. and Canadian markets for a total amount of U.S.$2.5 billion. 

This dual tranche is composed of two bonds issued under the U.S.$ Medium Term Notes Programme of Intesa Sanpaolo: the first one is a 3-year, fixed-rate bond issued for an amount of U.S.$1.5 billion, the second one is a 10-year, fixed-rate bond issued for an amount of U.S.$1billion.  The bonds placed on the U.S. market are exempt from registration under Section 3(a)(2) of the U.S. Securities Act as technically guaranteed by the New York branch of Intesa Sanpaolo; the part targeted at the Canadian market has been placed in the provinces of Ontario and Quebec on the basis of the exemptions applicable to initial placements reserved only for institutional investors (private placement).

With reference to the 3-year bond, the coupon, payable semi-annually in arrears on every 13 January and 13 July of each year from and including 13 July 2014 up to the maturity date, is equal to 2.375% per annum (first short coupon from 14 January 2014 to 13 July 2014).

The re-offer price is 99.636%.

Considering the re-offer price, the yield to maturity is 2.502% per annum and the total spread for the investor is equal to the yield of 3-year U.S. Treasury Bill plus 175 basis points per annum.

With reference to the 10-year bond, the coupon, payable semi-annually in arrears on every 12 January and 12 July of each year from and including 12 July 2014 up to the maturity date, is equal to 5.25% per annum (first short coupon from 14 January 2014 to 12 July 2014).

The re-offer price is 99.348%.

Considering the re-offer price, the yield to maturity is 5.335% per annum and the total spread for the investor is equal to the yield of 10-year U.S. Treasury Bill plus 240 basis points per annum.

Settlement for both issues is due on 14 January 2014.

Maturity for the 3-year issue is due on 13 January 2017.

Maturity for the 10-year issue is due on 12 January 2024.

The minimum denomination of both bond issues is U.S.$200,000 and U.S.$1,000 thereafter.

Banca IMI, Bank of America Merrill Lynch, Credit Suisse and JP Morgan Securities Inc. are the joint lead managers of the bond offering.

The ratings assigned to Intesa Sanpaolo’s senior long-term debt are: Baa2 by Moody’s, BBB by Standard & Poor’s, BBB+ by Fitch and A (low) by DBRS.


The distribution of this press release, directly or indirectly, in or into the United States of America, Canada, Australia or Japan is prohibited. This press release (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Canada, Australia or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful (the "Other Countries"). The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or pursuant to the corresponding regulations in force in the Other Countries and may not be offered or sold in the United States or to U.S. persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Intesa Sanpaolo does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States.

This communication is being distributed only to and is directed only at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), and (c) high net worth companies, unincorporated associations and other bodies to whom it may otherwise lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.
 

Investor Relations
+39.02.87943180
investor.relations@intesasanpaolo.com

Media Relations
+39.02.87963531
stampa@intesasanpaolo.com


group.intesasanpaolo.com

 

 

 

Last updated 8 January 2014 at 09:38

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