While volumes continue to be modest in Piazza Affari, the holidays are officially over bond marketor, restarted at full speed with the bonds of Bper, Mediobanca and Cdp Reti.
Great success for the Bper bond
It was the first to leave after the summer break Bper which successfully completed the placement of a new one on Wednesday 28 August covered bonds for an amount of 500 million.
It is a'5 year bond (expires July 2029), with annual coupon of 2,875% and issue price of 99,458%, corresponding to a yield to maturity of 2,997%. The issue has collected orders exceeding 1,9 billion of euros by 68 investors and the strong demand allowed the initial spread level to be reduced from 56 basis points above the 5-year mid-swap to 50 basis points. The geographical distribution saw the presence of foreign investors from Germany, Austria and Switzerland (overall 15%), Denmark (15%), Benelux (13%), United Kingdom (12%), Spain (5%), France (4 %) and Italian investors (31%).
The bonds of Mediobanca and Cdp Reti
Mediobanca has placed on the market a 7-year covered bond worth 750 million euros. Orders exceeded quota 1,1 billion euros and the guidance for the bond expiring on 4 September 2031 was lowered to 60 basis points on the midswap from the initial in the + area63 basis points. Pricing is expected today. ABN Amro, Commerzbank, Mediobanca itself, Raiffeisen Bank International, Société Générale and Unicredit were entrusted with the operation.
Finally there is Cdp Networks, which placed a on Wednesday senior unsecured bonds 7 years from 600 million of euros. The bond due September 4, 2031 has raised orders over 2,7 billion and the yield premium was set at 165 cents on the swap curve compared to the initial indications of around 200 basis points. Bank of China, Bnp Paribas, Credit Agricole Cib, HSBC, Imi-Intesa Sanpaolo, Mediobanca and Unicredit were in charge of the operation.
