(Tiper Stock Exchange) – Bank of Desio and Brianza has successfully concluded the placement of a issue of covered bonds out of its own covered bond program for a total amount of 400 million euroswith a 4.5-year maturity intended for institutional investors.
The book building process – reads a note – has attracted a demand for over 900 million euros by around 50 institutional investors globally, which made it possible to reduce the pricing to +75bps compared to the mid-swap with a fixed coupon of 4% paid annually.
The issue has been allocated with the following geographical distribution: Italy (41%), UK and Ireland (19%), Nordic Countries (17%), Germany and Austria (10%), BeNeLux (6%), Others (7%). The final allocation was mainly in favor of banks and private banks (56%), funds and asset managers (36%), institutions and central banks (7%), insurance companies (1%).
“We are very satisfied of this new operation which allows us to expand and diversify our funding to finance the needs of our customers and increase new credit disbursements – commented theTO Alessandro Decio – This is an important signal from the market confirming the solidity and resilience of the Bank’s business model”.
The placement of the issue was edited by BNP Paribas (Program Arranger), Credit Agricole, Mediobanca, Banco Santander And UniCredit who acted as Joint Bookrunner.