Bank Ifis he placed successfully on Tuesday a 400 million euro senior preferred bond. The issue, intended for professional investors, is part of the funding strategy envisaged in the institute's 2020-2022 business plan.
The question, more than 60% of which came from foreign investors, exceeded the amount offered by almost three times. The reoffer price is 99,692 for one yield to maturity of 1,82% and a coupon payable annually of 1,75%.
"Banca Ifis returns to the institutional market in a structural way about two years after the last issue with the aim of diversifying its sources of financing, making the debt market a consolidated strategic choice - he explains Luciano Colombini, managing director of the institute – The latest issue therefore marks a positive return to dialogue with institutional investors as well as representing the first step of our funding plan which, as per the business plan, is functional to the profitable growth of the business and in particular of the two core industrial segments: Non Performing Loans and Commercial Banking”.
The bond will be listed on the Irish Stock Exchange regulated market with an expected rating of BB+ by Fitch. The settlement date will be February 25, 2020, the expiry date is June 25, 2024.
The joint bookrunners responsible for placing the security and who supported Banca IFIS in the transaction were: Barclays Bank PLC, Citigroup Global Markets Limited, Goldman Sachs International and Mediobanca.
