The participation of BlackRock in the capital of FinecoBank sale to 10,233% from 7,246% previously declared, making the American giant the first shareholder of the Italian company. The news comes from the communications to Consob on the relevant shareholdings, which highlight a transaction on 9 July, i.e. the day after the exit of Unicredit from the capital of FinecoBank.
Indeed, on the late evening of 8 July, Unicredit announced the placement of the remaining 18,3% of FinecoBank.
In detail, Blackrock holds the stake through 15 management companies control and control the voting rights on the 8,444%. Another 0,82% is classified as potential participation linked to securities lending agreements, while the 0,969% is linked to "contracts for differences" which do not have an expiry date.
Friday, mid-morning, the Stock Exchange share of FinecoBank travels down by half a percentage point, to 10,215 euros per share.
Meanwhile, FinecoBank placed its first additional tier 1 bond issue intended for qualified investors. The bond is from 300 million euro, with a coupon of 5,875% for the first five years. The yield was reduced from the initial guidance of 6,5% "thanks to an overall demand equal to 9 times the supply", says the company. In fact, the issue recorded an order volume of 2,7 billion.
Institutional investors took part in the placement, mainly asset managers (about 69% of the total) and banks/private banks (15%). The issue was mainly placed with institutional investors in the UK/Ireland (35%), Italy (15%), France (13%), Switzerland (12%) and US Offshore (9%).
The transaction, underlines a note, "is useful in order to allow the Bank to be compliant immediately with the leverage ratio requirement which will be applicable from 28 June 2021, following the entry into force of the EU Crr II Regulation" .
The bond has a BB- rating from S&P.
Bnp Paribas, Ubs and UniCredit acted as joint bookrunners and joint lead managers.
