(Finance) – Banco BPM successfully completed one new Green Senior Non Preferred issue, with a maturity of four years (September 2026), for an amount of 500 million euros.
Orders exceeded 900 million euros, with a good granularity of investors (about 120), of which about 70% are specialized in the ESG segment.
The title – explains a note – was issued at a price of 99.654% and pays a fixed coupon of 6%.
The security, which is reserved for institutional investors, was issued under the issuer’s Euro Medium Term Notes Program and has an expected rating of Ba2 / BB + / BBH (Moody’s / Fitch / DBRS).
The proceeds from the bond issue will be used to finance and / or refinance Eligible Green Loans, as defined in the bank’s Green, Social and Sustainability Bond Framework.
The Framework is perfectly integrated into Banco BPM’s ESG strategy and represents the concrete realization of the environmental and social sustainability objectives that increasingly direct and characterize the Bank’s various business areas. Banco BPM has also obtained on its Framework a certification provided by Institutional Shareholder Services ESG (ISS ESG) as an independent entity with environmental, social and sustainability competence: Second Party Opinion (SPO).
The investors who participated in the transaction are mainly asset managers (61%) and banks (20%), while the geographical distribution sees the prevalent presence of foreign investors (including the United Kingdom with 24%, France with 14%, Belgium, the Netherlands and Luxembourg with 8%, Germany, Austria and Switzerland with a total of 7%) and Italy with 43%.
Banca Akros (related party of the issuer1), BNP Paribas, BofA Securities, Citi, Credit Agricole CIB,
HSBC and Natwest Markets acted as Joint Bookrunners.
Credit Agricole CIB also acted as Green and Social Structuring Advisor.