Intesa Sanpaolo: first Social Bond, orders for over € 1.3 billion

Intesa Sanpaolo has successfully placed its first Social Bond for a nominal value of € 750 million.

The demand has garnered over € 1.3 billion of orders, with around 70% of investors specializing in ESG issues.

The first “Social” bond by Intesa Sanpaolo is the largest ever issued by an Italian bank in this format. 

Currently, the social portfolio refinanced by the proceeds of the bond is mainly made up of loans to Italian SMEs operating in disadvantages areas (including Covid loans) and loans to no profit entities focused on social sectors (Healthcare, Education, Welfare and solidarity).

The order book was very diversified. The details of the orders allocated show a participation of approximately 53% Fund Managers, 27% Banks and Private Banks and 18% Insurance and Pension Funds.

The geographic distribution of orders shows 36% from France, 18% from United Kingdom and Ireland, 15% from Germany and Austria, 13% from Italy, 6% from Benelux, 5% from Switzerland and 4 % from Spain.

The Banks involved in the project as Joint book runners were Barclays, Citi, Credit Suisse, Imi-Intesa Sanpaolo, JP Morgan, Mediobanca and Morgan Stanley.