(Tiper Stock Exchange) – Intesa Sanpaolo has successfully placed on the American market adual tranche issue. In particular, these are: 3-year bullet Senior Preferred for a nominal value of 750 million dollars and at a level equal to US Treasuries + 285 bps, coupon at a fixed rate of 7.000%; Inaugural 11-year Senior Non Preferred with the possibility of being called in the 10th year, for a nominal value of USD 1.25 bn and at a level equal to US Treasuries + 440 bps, a fixed rate coupon of 8.248%. Both issues have a value date of November 22, 2022.
This is the benchmark issue that the Yankee market reopens for Intesa Sanpaolo after more than a year of absence, underlines the Italian group in a note. In addition to being targeted at the US and Canadian markets, it also saw the participation of European and Asian investors.
“Although the American market in recent months has been difficult for European broadcasters to access yesterday we were able to take advantage of an excellent window“, commented Alexander LolliHead of the Central Treasury and Finance Department of the Intesa Sanpaolo Group.
“The placement has performed successfully, demonstrating once again the strong appreciation for our name also by US investors – he added – Orders exceeding 4.5 billion dollars for the Senior Preferred tranche in fact allowed a narrowing of 45 basis points with respect to the initial indication of the spread (IPT equal to T+ 330 basis points); orders above $5.5 billion for the Senior Non Preferred tranche made possible an equal tightening of 45 basis points with respect to the initial spread (IPT equal to T+ 485 basis points). We estimate that the final spreads express levels with no higher cost than the secondary market yields”.
The banks that participated in the issue as Joint book runner were, in addition to the IMI CIB Division of Intesa Sanpaolo, Bank of America, Barclays, HSBC extension, Goldman Sachs, Morgan Stanley, Santander and Toronto Dominion.