Credem has launched a 500 million euro bond with a 6-year maturity and the possibility for the issuer to call the bond after 5 years. The bond is a senior non-preferred, the first of its type for the institution. This was communicated by the Bank, specifying that the proceeds of the issue will be used for ordinary banking activities.
The bond will pay a coupon of 1,5%, equivalent to 180 basis points above the 5-year Mid Swap rate. The orders received from a total of more than 180 investors reached a total of 2,25 billion, "thanks also to a strong demand from foreign institutional investors - reads the note - 47% were placed with foreign investors, mainly French". The remaining 53% was placed with Italian institutional investors.
The expected ratings are Ba1 from Moody's and BBB from Fitch.
