INTESA SANPAOLO: PUBLIC OFFERING OF THE SECOND “SERIE SPECIALE BANCA PROSSIMA” BOND LAUNCHED
• The offering, of up to 50 million euro, will be used to provide further financing for the third sector at favourable rates through Banca Prossima.
• Placement was launched a few days ago and is set to conclude – unless terminated early – on 4 July 2014. The interest rate is fixed, equal to 1% gross a year. No placement commissions are to apply.
• The first issue of “Serie Speciale Banca Prossima” bonds was a success: with 40.13 million euro placed as at 5 June 2014, 136 projects in the non-profit sector were financed at favourable rates.
• Placement through all Intesa Sanpaolo Group branches, including Intesa Sanpaolo Private Banking.
Milan, 5 June 2014 – Intesa Sanpaolo has launched the public offering of the second “Serie Speciale Banca Prossima” bond, following the success of the first issue, which saw the placement of 40.13 million euro and the financing of 136 projects by non-profit associations and entities throughout Italy.
On this occasion as well, the entire amount of the funds raised will be put towards providing credit at favourable rates to non-profit organisations through Banca Prossima, the Intesa Sanpaolo Group institution specialised in the secular and religious social economy.
Placement of the bond is set to conclude on 4 July 2014, barring early termination. The entire Intesa Sanpaolo Group network will be participating in this placement, including Intesa Sanpaolo Private Banking, the Group’s private bank, which is placing this bond for the first time, bearing witness to the interest of private-banking customers in this type of socially responsible investment instrument.
The maximum nominal amount of the issue, designated “Intesa Sanpaolo S.p.A, a Tasso Fisso 1,00% 10/07/2014 – 10/07/2019 Serie Speciale Banca Prossima” is 50 million euro, in minimum portions of 10,000 euro. The issuer is Intesa Sanpaolo S.p.A., which will transfer the funds raised through the placement to Banca Prossima.
The issue date is 10 July 2014, with maturity on 10 July 2019. The rate is 1% gross a year, below the market rates for Intesa Sanpaolo bonds with the same term. No placement commissions are to apply.
As in the case of the first “Serie Speciale Banca Prossima” issue, the lesser yield for subscribers will be transferred in full to the benefit of the non-profit organisations financed by Banca Prossima, without any loss of value.
“Intesa Sanpaolo,” explained Carlo Messina, the Group’s Managing Director and CEO, “is convinced that the third sector plays a fundamental role in Italy’s economic growth and business development. This is why we created Banca Prossima, which in just a few years has become a leader in financing for the non-profit sector. Our Business Plan – in confirmation of the support that we intend to continue to provide – calls for 1.2 billion euro in financing for the third sector over the next three years through Banca Prossima.”
“The first ‘Serie Speciale Banca Prossima’ bond,” emphasised Banca Prossima’s Managing Director, Marco Morganti, “was a great success, which went beyond our expectations: in just a few days, 40.13 million euro of already approved funding was raised to satisfy the extensive demand from non-profit organisations. This explains the decision to float this second bond immediately, with placement through the network of all of the Intesa Sanpaolo Group’s over 4,700 branches, in addition to Intesa Sanpaolo Private Banking this time as well. The ‘Serie Speciale Banca Prossima’ bond is a transparent proposal that translates, without any inefficiency, the yield sacrificed by the bondholder into an equal rate advantage for non-profit organisations.”
Banca Prossima S.p.A is the Intesa Sanpaolo Group bank dedicated to serving the non-profit sector, designed to meet the needs and demands of third-sector organisations. Pursuant to its Articles of Association, “Banca Prossima pursues the objective of generating social value (...). To this end, it shall provide financing to support the best non-profit initiatives at the service of individuals, for the dissemination of culture and education, the accessibility and protection of the environment and art, as well as access to credit and jobs.” Through its “Fondo per lo sviluppo dell’impresa sociale” (Social Business Development Fund), to which it allocates a part of its profits on an annual basis, Banca Prossima supports and finances new projects in the non-profit sector, in compliance with the guidelines of the Solidarity and Development Committee, consisting of authoritative and independent individuals from the non-profit sector.
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Last updated 5 June 2014 at 12:46