Intesa Sanpaolo successfully places €2 billion dual tranche bond

Intesa Sanpaolo has successfully placed a €2 billion dual tranche bond issue in Euro on the institutional market, collecting total orders of approximately €5 billion.

The Senior Preferred securities in detail:

• €1 billion 3-year variable rate at a level equal to 3-month Euribor + 60 basis points
• €1 billion 6.5 year fixed rate in Green format at a level equal to mid swap + 107 basis points.

The transaction recorded the highest peak ever observed in the order book of an Intesa Sanpaolo Senior Preferred security in Euro, reaching €6.3 billion with 420 orders, confirming investors' recognition of the bank’s excellent credit quality.

It also represents the Italian Senior Preferred variable rate issue with the longest maturity since 2018 and the largest in Euro ever from Italy since August 2023.

The "use of proceeds" of the 6.5-year tranche are intended to finance or refinance all the green categories described in Intesa Sanpaolo's "Green, Social and Sustainability Bond Framework" dated June 2022.

Order book allocation:

• 151 investors for the 3-year tranche, divided as follows:
  • 76% Fund Managers
  • 19% Banks and Private Banks
  • 2% Hedge Funds
  • 2% Insurance and Pension Funds

with a geographical distribution that highlights 27% participation from France, 22% from Germany, 21% from Italy, 11% from the United Kingdom/Ireland, 7% from Spain and Portugal, 3% from Denmark and 2% from Austria.

• 161 investors for the 6.5 year tranche, divided as follows:
  • 65% Fund Managers
  • 25% Insurance and Pension Funds
  • 4% Hedge Funds
  • 4% Banks and Private Banks

with a geographical distribution that highlights 27% participation from France, 18% from the United Kingdom/Ireland, 14% from Germany, 14% from Italy, 13% from Benelux, 10% from the Nordics and 1% from Austria and Switzerland.

The tranche also recorded the participation of more than 85% of investors dedicated to the ESG sector.

Joint book runners - in addition to the IMI CIB Division of Intesa Sanpaolo – were BBVA, BofA Securities, Commerzbank, Goldman Sachs International, Morgan Stanley, NatWest Markets and UniCredit.