Intesa Sanpaolo successfully places $3.5 billion multi-tranche bond in the US
23 June 2026
Intesa Sanpaolo successfully completed a multi-tranche bond issuance in the United States for a total amount of $3.5 billion targeted at institutional investors.
The transaction attracted strong demand from the opening stages of bookbuilding, reaching a peak of more than $20 billion before closing at around $14.5 billion following final spread setting.
“The transaction ranks among the leading benchmark deals not only for the Italian market but also across the broader European landscape. It stands out for the high quality of demand, the significant support from Real Money investors and the ability to achieve substantial tightening versus initial guidance, among the strongest movements recorded since the beginning of the year. Overall, the execution highlighted the strong appreciation among US investors for Intesa Sanpaolo’s business model, a particularly significant outcome in the current market environment.”
Nicoletta Bertolini, Head of Funding at Intesa Sanpaolo
The issuance recorded strong participation from Asset Managers.
Issuance structure and financial terms
The transaction consisted of three tranches:
- $1.5 billion Senior Non Preferred fixed-rate notes with a 4-year maturity and a 3-year call option (4NC3), priced at US Treasury +80 basis points with an annual coupon of 5.000%.
- $1 billion Senior Non Preferred fixed-rate notes with a 6-year maturity and a 5-year call option (6NC5), priced at US Treasury +95 basis points with an annual coupon of 5.200%.
- $1 billion Tier 2 fixed-rate notes with an 11-year maturity and a 10-year call option (11NC10), priced at US Treasury +150 basis points with an annual coupon of 6.005%.
Strong investor demand enabled a significant tightening versus Initial Price Thoughts (IPTs), with spread compression of 30 basis points for the Senior Non Preferred segment and 35 basis points for Tier 2.
Order book allocation and participating banks
Order book allocation was structured as follows:
SNP 4NC3 tranche
- 69% Asset Managers
- 12% Official Institutions
- 9% Hedge Funds
- 9% Insurance Companies and Pension Funds
- 1% Other
Geographical distribution: 80% United States, 16% United Kingdom, 2% Canada and 2% EMEA.
SNP 6NC5 tranche
- 64% Asset Managers
- 16% Official Institutions
- 16% Hedge Funds
- 3% Insurance Companies and Pension Funds
- 1% Other
Geographical distribution: 87% United States, 6% EMEA, 4% United Kingdom and 3% Canada.
T2 11NC10 tranche
- 69% Asset Managers
- 16% Hedge Funds
- 8% Official Institutions
- 4% Insurance Companies and Pension Funds
- 2% Banks and Private Banks
- 1% Other
Geographical distribution: 90% United States, 6% EMEA, 3% United Kingdom and 1% Other.
The banks involved in the placement, alongside Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, were Barclays, BNP Paribas, HSBC, J.P. Morgan, Mizuho, Morgan Stanley, TD Securities and Wells Fargo.
Last updated 23 June 2026 at 14:42:28
