(Tiper Stock Exchange) – AMCO extensiona company owned by the Ministry of Economy and Finance and primary operator in the management of non-performing loans, has successfully placed a4-year senior unsecured bond maturing on February 6, 2027, for a nominal amount of 500 million euros. The new bond issue was announced at the same time as a liability management transaction involving senior unsecured bonds maturing on July 17, 2023, with the aim of lengthening the maturity profile of AMCO’s debt.
The new 4-year bond has a fixed annual coupon of 4.625% it’s a issue price of 99.625%. Settlement is expected on February 6, 2023 and the notes will be listed on the regulated market in Luxembourg.
The bond, reserved for institutional investorswas issued under the EMTN Programme, which has a maximum capacity of €6 billion, renewed on 16 September 2022 and integrated on 23 January 2023. The expected rating for the issue is BBB from both Standard & Poor’s and Fitch.
The new issue has an implicit premium of 125 basis points over the reference BTP. With a strong demand by investors for an amount of over 1.85 billion (oversubscription equal to 3.7 times), the final price was 35 basis points lower than the initial price offered.
Non-domestic investors underwrote more than three-quarters of the bonds issued; most of the securities were allocated to long-term investors.