(Tiper Stock Exchange) – BPER Bank successfully concluded the placement of the inaugural fixed to floating Senior Non Preferred bond issue for an amount of Euro 500 million with a 5-year maturity and the possibility of early repayment (call) after 4 years, aimed at investors
institutional.
The issue – explains a note – follows a bookbuilding process that has raised demand for over 2 billion euros from 200 investors globally. Thanks to this, the level initially communicated to the market of 400 bps above the 4-year mid-swap has been revised and fixed at 360 bps.
Consequently, the annual coupon was set at 6.125%, with an issue/re-offer price of 99.847%.
The issue is part of the 2022 Funding Plan and once again confirms BPER’s ability to access the market in various formats. BPER has mandated HSBC, Morgan Stanley, NatWest Markets, UBS, UniCredit to manage the placement as Joint Bookrunners.
The issue is the first in Italy under the EMTN (Euro Medium Term Notes) program in a centralized dematerialisation regime at Euronext Securities Milan. The expected ratings are as follows: Ba1 (Moody’s)/BB (Fitch)/ BBB(low) (DBRS).
The bond (ISIN IT0005523896) will be listed on the Luxembourg Stock Exchange. The settlement date will be December 12, 2022.
The initiative is part of the strategy to optimize BPER Banca’s capital structure announced in the 2022-25 Strategic Plan.