Intesa Sanpaolo issues a Eur 2.25bn senior preferred dual tranche
Intesa Sanpaolo successfully placed a Senior Preferred dual tranche issue in euro as part of its 2024 pre-funding strategy, collecting orders of over €4.5 billion.
The notable size and granularity of the initial orders drove a 20-basis point narrowing of the the initial spreads (mid swap + 125 basis points area for the 4-year tranche and mid swap + 220 basis points area for the 8-year tranche).
The issue in detail:
- 4-year Senior Preferred tranche with a nominal value of €750 million, at a level equal to mid swap + 105 basis points and a coupon of 4.375%, value date 29 August 2023
- 8-year Senior Preferred tranche with a nominal value of €1.5 billion, at a level equal to mid swap + 200 basis points and a coupon of 5.125%, value date 29 August 2023
Joint book runners - in addition to the IMI CIB Division of Intesa Sanpaolo – were BNP Paribas, Bank of America, Crédit Agricole, HSBC, JP Morgan, Mediobanca and Morgan Stanley.
“By focusing on the longer tranche, investors have once again recognized Intesa Sanpaolo’s excellent credit quality, at a moment when tension has returned to markets due to doubts about China's growth and the path to lower inflation in the US”.
Alessandro Lolli, Head of Group Treasury & Finance at Intesa Sanpaolo
The issue attracted total orders exceeding €4.5 billion.
4-year tranche, with €1.4 billion in orders from 137 investors, among:
- 66% Fund Managers
- 21% Banks and Private Banks
- 8% Insurance
- 3% Hedge Funds
- 2% Other
The geographic distribution of orders was 24% UK/Ireland, 23% Germany, 22% France, 20% Italy, 3% Spain, 2% Switzerland and 6% from other countries.
8-year tranche, with €3 billion in orders from 226 investors, among:
- 71% Fund Managers
- 11% Banks and Private Banks
- 7% Hedge Funds
- 5% Official Institutions
- 5% Insurance and Pension Funds
- 1% Other
The geographic distribution of orders was 38% UK/Ireland, 15% France, 11% Nordic countries, 11% Italy, 10% Germany and Austria, 9% Netherlands and 6% from others countries.
Last updated 22 August 2023 at 21:40:02
