Intesa Sanpaolo closed the accelerated bookbuilding operation with which it has sold his share in nexi, equal to 5,1% stake in the digital payments company, cashing in 584 million yesterday. At the same time, the first Italian bank has successfully placed on American market adual tranche issue worth $2 billion. There first issue (Senior preferred) is a 3-year term with a nominal value of USD 750 million and at a level equal to US Treasuries + 285 bps with a fixed rate coupon of 7% while the second issue (Senior Non Preferred) is 11 years, with the possibility of being called in the 10th year, for a nominal value of 1,25 billion dollars and at a level equal to US Treasuries + 440 bps with a fixed rate coupon of 8,2% .
The transaction was welcomed by the market with interest, exceeding, in a short time, the 2 billion dollars of orders for each tranche.
This issue the US market reopens for Intesa Sanpaolo after more than a year of absence.
The total amount (more than 10 billion dollars of post-allocation orders) was the largest ever for an issue Yankee dual tranches of Intesa Sanpaolo, and was also attended by European and Asian investors.
Le banks who participated in the issue as Joint book runner they have been, in addition to the IMI CIB Division of Intesa Sanpaolo, Bank of America, Barclays, HSBC, Goldman Sachs, Morgan Stanley, Santander and Toronto Dominion.
Understanding: the American market is always an excellent window for investments
“Despite the American market has been difficult for European broadcasters to access in recent months, yesterday we were able to take advantage of agreat window. The placement performed successfully, demonstrating once again the strong appreciation for our name also by US investors. Orders exceeding $4,5 billion for the tranche Senior Preferred in fact, they allowed a narrowing of 45 basis points with respect to the initial indication of the spread (IPT equal to T+330 basis points); orders exceeding $5,5 billion for the tranche Senior Non-Preferred made possible an equal narrowing of 45 basis points with respect to the initial spread (IPT equal to T+ 485 basis points). We estimate final spreads to express levels of no higher cost than secondary market yields,” he said Alessandro Lolli, Head of Group Treasury and Finance Central Department of Intesa Sanpaolo.
