(Tiper Stock Exchange) – Intesa Sanpaolo successfully placed a dual tranche issue on the institutional market, collecting total orders for 5.3 billion euro.
It is a non-preferred senior green bonds at 5 years old with the possibility of being called up in the fourth year, for a nominal amount of 1.5 billion euro; a 10-year senior non-preferred green bond for a nominal amount of 750 million euros.
The issue immediately garnered interest from investors, exceeding 3 billion euros in joint orders in the first two hours of its launch. Final orders exceeding €3 billion for the short-term tranche allowed for a narrowing of 20 basis points with respect to the initial spread indication, while orders exceeding €2 billion for the long-term tranche made possible a narrowing of 15 basis points. basis points over the initial spread.
This transaction represents the largest, in terms of total amount, in multi-tranche format issued by an Italian financial name since June 2019 when Intesa Sanpaolo also successfully closed a 5 and 10 year Senior Preferred for a total of 2.25 billion .
The combined total amount of the order book was approximately €5.3 billion and saw the participation of more than 195 investors for the 5-year tranche, divided as follows: 76% Fund Managers, 11% Banks and Private Banks, 4% of Hedged Funds and 8% of Insurance and Pension Funds. The geographical distribution of the accounts highlights 25% from France, 19% from the Kingdom
United Kingdom/Ireland, 15% from Italy, 13% from Germany and Austria, 8% from the Nordics, 8% from the Benelux, 8% from Spain and 3% from Switzerland.
Over 135 investors for the 10-year tranche, divided as follows: 73% of Fund Managers, 9% of Hedge Funds, 5% of Banks and Private Banks and 11% of Insurance Companies and Pension Funds. The geographical distribution of the accounts shows 39% from the United Kingdom/Ireland, 21% from Germany and Austria, 13% from France, 6% from Italy, 6% from Spain, 5% from Switzerland, the 5% from Nordics and 2% from Benelux.
The joint order book also proved to be highly diversified and saw the participation of approximately 80% of investors dedicated to the ESG sector. The Banks that participated in the placement as Joint book runners were, in addition to the IMI Cib Division of
Intesa Sanpaolo, Bbva, Bnp Paribas, BofA Securities, Citi, Commerzbank, Morgan Stanley and Ubs.