Intesa Sanpaolo issues €1 bn perpetual AT1 bond
19 May 2025
Intesa Sanpaolo has successfully placed an Additional Tier 1 perpetual bond on the institutional market for a nominal amount of €1 billion, with a 6.375% coupon payable semi-annually.
This is the Additional Tier 1 issuance by the bank with the lowest Reset Spread ever.
The issue immediately attracted interest from investors: it reached orders for more than €3.75 billion in the first two hours and over €5 billion at peak, at the closing of the order book, confirming the excellent credit quality of Intesa Sanpaolo and its appreciation from investors.
Solidity and granularity of the order book allowed the initial pricing indications to be lowered by approximately 50 basis points (6.875% area).
The allocation of the order book saw the participation of more than 300 investors:
- 73% Fund Managers
- 10% Hedge Funds
- 8% Banks and Private Banks
- 5% Insurances and Pension Funds
- 4% Other
with a geographical distribution that highlights 42% from the United Kingdom, 21% from France, 17% from Italy, 6% from Nordics, 3% from Switzerland, 3% from Germany and 4% Other.
Banks that participated in the placement were - in addition to the IMI CIB Division of Intesa Sanpaolo - BNP Paribas, BofA Securities, Citi, Goldman Sachs International, Morgan Stanley and UBS.
