High demand for Intesa Sanpaolo’s first bond of 2023

The image accompanying the News on the success of the placement of a new Tier 2 subordinated issue intended for the Euro market for a nominal value of 1 billion euro, portrays the new Intesa Sanpaolo skyscraper in Turin designed by Renzo Piano and LEED Platinum certified for sustainability

Intesa Sanpaolo has successfully placed its first bond of 2023, returning to the Eur T2 segment after more than two years with a nominal amount of €1 billion. 

Orders reached nearly €2.5 billion demonstrating once again the strong appreciation for Intesa Sanpaolo by European investors and enabling a 25-basis point narrowing from the initial spread (IPT equal to MS+350 basis points).

The bond has a term of 11 years with an option to be called starting three months before the coupon reset date in Year 6.

The transaction order book was diversified and high quality, with over 190 investors, divided as follows:

  • 81% Fund Managers
  • 8% Hedge Funds
  • 6% Insurance and Pension Funds
  • 4% Banks and Private Banks
  • 1% Corporates

The geographical distribution of orders:

  • 36% United Kingdom
  • 24% France
  • 17% Italy
  • 11% Germany and Austria
  • 4% Benelux
  • 4% Spain
  • 2% Nordic countries

The joint book runners – in addition to Intesa Sanpaolo’s IMI CIB Division – were Barclays, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and JPM.