Intesa Sanpaolo successfully places €1.25bn Senior Non Preferred Green bond

The bond has a maturity date of 22 June 2034 and includes an issuer call option exercisable on 22 June 2033. Starting from the settlement date of 22 June 2026, the notes will pay a fixed annual coupon of 3.75% until the Call Date; if the option is not exercised, the coupon will subsequently reset to a floating rate equal to three-month Euribor plus 88 basis points.

Proceeds from the transaction will be allocated to finance or refinance eligible green activities in line with the eligibility criteria set out in Intesa Sanpaolo’s Green, Social and Sustainability Bond Framework.

The placement attracted broad and diversified participation from institutional investors, allowing pricing guidance to be tightened by 32 basis points from the initial indication (Mid Swap + 120 basis points area).

Order book allocation was as follows:

• 63% Fund Managers
• 14% Official Institutions
• 11% Insurance Companies and Pension Funds
• 7% Banks and Private Banks
• 5% Hedge Funds

From a geographical perspective, demand came from France (24%), the United Kingdom (21%), Germany-Austria-Switzerland (20%), Italy (9%), Singapore (8%), the Nordic countries (8%), Spain and Portugal (3%), Greece (2%), Benelux (1%) and other markets (4%).

The banks involved in the placement, alongside Intesa Sanpaolo’s IMI CIB Division, were BBVA, JPM, Natixis, RBI, Santander and UniCredit.

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