The 500 million euro green bond launched this morning by Intesa Sanpaolo recorded orders for over 1,8 billion euro. This is the first green issue launched by an Italian bank. According to Radiocor Plus, given the solidity of demand, the spread fell to 83 basis points above the midswap from 95 basis points of the initial guidance.
The 5-year senior unsecured note is issued as part of the 70 billion euro Emtn program and the proceeds will be used to finance climate and environmental sustainability projects and initiatives. The expected rating of the issue is Baa1 by Moody's, BBB- by S&P, BBB by Fitch and BBBH by Dbrs. The auction is managed as joint bookrunner by Banca IMI, CA-CIB, HSBC and SG CIB.
