Good success for the 7-year senior bond placed on the market by Intesa Sanpaolo. The issue, which aimed at raising a minimum of 500 million euros, in fact received orders for over 3,4 billion euros, so much so that the issuer increased the amount of the bond up to one billion.
Furthermore, due to good demand, the yield on the issue was set at 98 basis points above the midswap, compared to an initial indication in the area of 105-110 points above the midswap. The re-offer price of the bond was set at 99,69%, for a yield to maturity of 2,048% per annum.
The security has been targeted at professional investors and international financial intermediaries and will be listed on the Luxembourg Stock Exchange as well as on the usual Over-the-Counter market. The auction was managed as joint bookrunner by a pool of banks made up of Banca IMI, HSBC, UBS, Natixis and Bofa.
