Intesa Sanpaolo successfully places €1.25 billion dual-tranche bond

10 February 2026

Intesa Sanpaolo has successfully placed a perpetual Additional Tier 1 bond on the institutional market for a total amount of €1.25 billion. For Intesa Sanpaolo, this represents the Additional Tier 1 issuance with the lowest reset spread ever.

The two tranches in detail:

• €750 million PerpNC6 with an annual coupon of 5.50%, payable semi-annually
• €500 million PerpNC10 with an annual coupon of 5.875%, payable semi-annually

The issuance attracted strong investor interest from the outset, gathering orders exceeding €5 billion within approximately two hours of launch and reaching a peak above €6.5 billion.

The strength and granularity of the order book allowed initial pricing guidance to be tightened by 50 basis points on both tranches (respectively from 6.000% area and 6.375% area).

Order book allocation involved more than 140 investors for the PerpNC6 tranche and 97 investors for the PerpNC10 tranche, as follows:

PerpNC6

• 72% Fund Managers
• 13% Hedge Funds
• 8% Insurance Companies and Pension Funds
• 4% Corporates
• 3% Banks and Private Banks

Geographical distribution: 34% United Kingdom, 31% France, 11% Italy, 9% Benelux, 3% Germany, 3% Switzerland, 3% Spain and 6% other.

PerpNC10

• 55% Fund Managers
• 18% Official Institutions
• 13% Hedge Funds
• 5% Corporates
• 4% Insurance Companies and Pension Funds
• 3% Banks and Private Banks
• 2% other

Geographical distribution: 62% United Kingdom, 16% France, 10% Italy, 4% Switzerland, 3% Denmark, 1% Benelux and 4% other.

Bookrunners: in addition to the IMI Corporate & Investment Banking Division of Intesa Sanpaolo - BBVA, Barclays, BofA Securities, Goldman Sachs International, JPM, Morgan Stanley and UBS.

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