Intesa Sanpaolo successfully places €1.25bn Senior Non-Preferred bond
5 November 2026
Intesa Sanpaolo has successfully placed a €1.25 billion Senior Non-Preferred bond in the institutional market, priced at Mid-Swap +95 basis points, with orders exceeding €4.25 billion at peak demand.
Thanks to the established strong investor perception of Intesa Sanpaolo's creditworthiness, the issuance attracted significant investor interest from the outset. The strength and granularity of the order book enabled the initial price guidance of Mid-Swap +125–130 basis points to be tightened by 30–35 basis points.
More specifically, the bonds have a 5-year maturity, with an early redemption option exercisable by the issuer after 4 years.
"Against a stable market backdrop following the results of the US elections, but mainly thanks to the Group's excellent results just announced, the order book was highly granular, attracting participation from more than 200 high-quality investors"
Nicoletta Bertolini, Head of Funding at Intesa Sanpaolo
Furthermore, the transaction achieved the largest spread tightening from initial price guidance ever recorded for an Intesa Sanpaolo Senior Non-Preferred bond.
Order book allocation was structured as follows:
- 67% Fund Managers
- 15% Official Institutions
- 12% Insurance Companies and Pension Funds
- 3% Banks and Private Banks
- 3% Hedge Funds
The geographical distribution was as follows: 38% United Kingdom, 13% France, 13% Germany/Austria/Switzerland, 9% Nordic countries, 8% Asia, 7% Benelux, 5% Italy, 3% Spain and Portugal, and 4% other regions.
The banks involved in the placement, alongside Intesa Sanpaolo's IMI CIB Division, were BNP Paribas, Deutsche Bank, Goldman Sachs International, JP Morgan, Morgan Stanley, Nomura and Société Générale.
Last updated 5 November 2026 at 09:54:59
