First Social Bond for Intesa Sanpaolo: orders exceeded €1.3 billion

Intesa Sanpaolo has successfully placed its first Social Bond with a nominal amount of €750 million.

Orders exceeded €1.3 billion, with around 70% coming from specialized investors.

The Social Bond placed by Intesa Sanpaolo is the largest issue for an Italian bank issuer in this format, as well as the Senior issue with the longest maturity since January 2022 for the FIG Italy segment.

The issue is dedicated to finance/refinance the social categories described in the Group’s Green, Social and Sustainability Bond Framework. The social portfolio underlying the issuance mainly consists of loans to SMEs operating in disadvantaged areas (including COVID loans) and nonprofit entities operating in sectors of particular social focus (health, education, welfare and solidarity).  

The transaction had a very granular order book, with the participation of investors split as follows: 53% Fund Managers, 27% Banks and Private Banks and 18% Insurance and Pension Funds.

The geographic distribution shows the majority of participation from France with 36%, 18% from UK and Ireland, 15% from Germany and Austria, 13% from Italy, 6% from Benelux, 5% from Switzerland and 4% from Iberia.

Joint book runners were Barclays, Citi, Credit Suisse, Imi-Intesa Sanpaolo, JP Morgan, Mediobanca and Morgan Stanley.