Orders exceed €2.3 billion for Intesa Sanpaolo's new Green Bond

Intesa Sanpaolo has successfully placed a new Green Bond for a nominal amount of €1 billion.

Orders exceeded €2.3 billion, with a very granular order book from about 200 investors, of which more than two-thirds are focused to the ESG segment. Investors recognized Intesa Sanpaolo's excellent credit quality despite the volatility and low appetite for risk that characterize the market in the current geopolitical environment.

The placement of the new Senior Non Preferred (SNP) Green Bond is the first transaction by an Italian issuer following the summer break and the first-ever SNP Green issue by an Italian issuer.

Joint book runners were - in addition to Intesa Sanpaolo through IMI CIB - Credit Agricole CIB, Deutsche Bank, ING, Mediobanca, Natwest Markets and Societe Generale.

The use of proceeds of the bond is dedicated to all the green eligible categories described in the Green, Social and Sustainability Bond Framework dated June 2022, aligned on a "best effort" basis to the EU Taxonomy. The new bond follows three previous Green Senior Preferred issues finalized in 2017, 2019 and 2021 which respectively had a focus on renewable energies, circular economy and green buildings.

The final allocation of the orders shows an interest of approximately 74% coming from Fund Managers, 15% from Banks and Private Banks, 10% from Insurance and Pension Funds. The geographical distribution of the accounts shows approximately 24% from Italy, 22% from France, 19% from Germany, 14% from the United Kingdom, 6% from Spain, 6% Benelux, 4% Nordics and 3% Switzerland / Austria. The order book was therefore very granular.