Intesa Sanpaolo will launch a tier 2 subordinated bond for a maximum of 750 million "destined for qualified investors and high-net-worth individuals on the domestic market". This was announced by the bank in a note, specifying that the bond will have a seven-year floating rate with repayment in a single installment on maturity.
The coupon is equal to the quarterly Euribor plus 190 basis points and the offering price is 100%. The settlement date will be 26 September 2017, the minimum denomination is 100 thousand euros.
The bond will be traded on EuroTlx and will be placed by Intesa Sanpaolo Private Banking and Fideuram. Intesa Sanpaolo boasts Baa1 ratings from Moody's, BBB- from S&P, BBB from Fitch and BBB (high) from Dbrs.
