Monday Where's Banca issued a Tier 2 subordinated bond with a 10-year maturity and redemption option 5 years after issue, for a benchmark amount of 500 million euro.
La question, coming from around 75 investors, reached a coverage ratio of 1,4, allowing the coupon to be reduced from the initial 6% to the final 5,875%.
I Villages the origin of the orders are Italy (73%), United Kingdom (16%), France (7%), Germany and Switzerland (3%).
The subscription by was prevalent investment funds (81%), banks (12%), insurance and pension funds (2%).
The settlement date of the transaction will be March 4, 2019.
The issue price of the bond is equal to 100%. There fixed coupon of 5,875%, equivalent to a spread of 5,751% above the swap rate of the same maturity, will be recognized in arrears on 4 March of each year starting from 4 March 2020.
The bond, reserved for institutional investors, is part of Ubi Banca's Emtn program and will be listed on the Irish Stock Exchange.
I rating expected for the bond are Ba3 from Moody's, BB from S&P, BB+ from Fitch and BBH from DBRS.
Citi (B&D), Goldman Sachs International, HSBC, JP Morgan, UBS Investment Bank and UBI Banca acted as joint bookrunners.
