Intesa Sanpaolo successfully placed Green Bonds for €2.25 bln

Intesa Sanpaolo successfully placed a dual tranche Green Bond issue for a combined amount of €2.25 billion, collecting orders for about €5.3 billion.

The issue will finance or refinance all green categories described in Intesa Sanpaolo’s Green, Social and Sustainability Bond Framework.

The transaction confirms the Intesa Sanpaolo’s ongoing commitment to supporting the ESG transition, including through the issuance of bonds dedicated to financing environmental and social projects. 

The issue in detail:

• a 5-year Senior Non Preferred Green Bond with an option to be called in the 4th year, for a nominal amount of €1.5 billion at a level equal to mid swap + 170 bps, a 5% coupon rate and value date of 8 March 2023
• a 10-year Senior Non Preferred Green Bond for a nominal amount of €750 million at a level equal to mid swap + 255 bps, a 5.625% coupon rate and a value date of 8 March 2023

The order book was diversified, with about 80% coming from investors dedicated to the ESG segment:

More than 195 investors for the 5NC4-year SNP tranche, as follows:

• 76% Fund Managers
• 11% Banks and Private Banks
• 4% Hedge Funds
• 8% Insurance and Pension Funds

with a geographical distribution of accounts showing 25% from France, 19% from UK/Ireland, 15% from Italy, 13% Germany and Austria, 8% from Nordics, 8% from Benelux, 8% from Spain, and 3% from Switzerland.

More than 135 investors for the 10-year SNP tranche, as follows:

• 73% Fund Managers
• 9% Hedge Funds
• 5% Banks and Private Banks
• 11% Insurance and Pension Funds

with a geographical distribution of accounts showing 39% from UK/Ireland, 21% from Germany and Austria, 13% from France, 6% from Italy, 6% from Spain, 5% from Switzerland, 5% from the Nordics, and 2% from Benelux. 

Banks that participated in the placement as joint book runners – alongside Intesa Sanpaolo's IMI CIB Division – were BBVA, BNP Paribas, BofA Securities, Citi, Commerzbank, Morgan Stanley, and UBS.

This latest Green Bond follows three previous Senior Preferred Green issues in 2017, 2019 and 2021, that focused on renewable energy, the circular economy, and green buildings, respectively; a Senior Non Preferred Green Bond issued in August 2022; and a Senior Preferred Social Bond issued in October 2022.