(Tiper Stock Exchange) – Intesa Sanpaolo successfully placed a new Tier 2 subordinated issue intended for the euro market for a nominal value of 1 billion euro with a coupon of 6.184% and value date 20 February. The title – reads a note – ha duration 11 years with the possibility of being called starting from the three months preceding the coupon reset date in the sixth year. This transaction is the first in 2023 for Intesa Sanpaolo and represents the return to the Eur T2 sector after an absence of more than two years.
The issue immediately attracted the interest of the market exceeding 1 billion euros of orders already in the first hour and a half after opening. Final orders of almost 2.5 billion euros thus allowed for a narrowing of 25 basis points with respect to the initial spread (Ipts equal to MS + 350 basis points).
The transaction recorded a very diversified and high-quality order book, with the participation of over 190 investors and divided as follows: 81% Fund Managers, 8% Hedge Funds, 6% Insurance and Pension Funds, 4% Banks and Private Banks and the ‘1% Corporates.
The geographical distribution highlights the majority of the participation from the United Kingdom with 36%, 24% from France, 17% from Italy, 11% from Germany and Austria, 4% from the Benelux, 4% from Spain and 2% from the Nordic countries. The banks that participated in the issue as joint book runners were, in addition to the IMI CIB Division of Intesa Sanpaolo, Barclays, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and JPM.