Poste Italiane opened the books this morning for the placement of the planned five-year bond, expiring on June 18, 2018.
According to sources close to the operation, the amount should be about 750 million euro and orders would have already reached two billion. The expected return was revised to between 225 and 230 basis points above midswap, after an initial indication at 235 basis points.
The operation is handled by a pool of banks made up of Banca IMI, BNP Paribas, Deutsche Bank, HSBC and Unicredit. Poste Italiane has obtained a Baa2 rating from Moody's and a BBB rating from Standard & Poor's and Fitch, all three with a negative outlook.
