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Orders top $9 billion for Intesa Sanpaolo US dollar issue

Orders top $9 billion for Intesa Sanpaolo US dollar issue. The $1.5 billion dual tranche Tier2 bond marks the Group's return to the American debt market

Intesa Sanpaolo has returned to the American debt market issuing a $1.5 billion dual tranche Tier2 bond, in two equal $750 million tranches with maturities in 2032 and 2042.

The issue attracted more than 360 orders worth over $9 billion.

Intesa Sanpaolo’s return to the US market was highly anticipated by investors after a two-year absence.

Fund managers bought 78% of the issuance, while insurance companies and hedge funds each took 5%.

The final yield offered was well below initial expectations, with no premium to secondary market levels.

Technical data:

  • $750m 11NC10 Fixed tranche (maturity 1 June 2032 with the possibility of calling one year before maturity): Treasury yield +260; IPT +300 area
  • $750m 21NC20 Fixed tranche (maturity 1 June 2042 with the possibility of calling one year before maturity): Treasury yield +275; IPT +305 area
  • Bookrunners: Barclays, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Nomura
  • Financial advisor: IMI CIB of the Intesa Sanpaolo Group.
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