Monday Where's Banca has successfully placed a guaranteed benchmark bank bond with a 6 and 7 year maturity. The emission is valid in all 500 million euro. During the morning, in two hours, Ubi received orders from over 170 investors, for an amount exceeding 2.7 billion.
“The influx of orders during the placement process allowed for a strong narrowing of the spread from the initial Mid Swap +80 basis points of the announcement to the final Mid Swap +70 basis points – reads the Ubi note – The operation was priced with a 1% coupon payable in arrears on 25 September of each year and the re-offer price was set at 99.989%, corresponding to a yield to maturity of 1,002%. This yield is 122 basis points below the yield of the BTP”.
The settlement date is set for 25 February 2019, while the deadline will come on 25 September 2025, with a short first coupon.
In the end, 25% of the bonds issued were subscribed by Italian investors and the remainder 75% from foreign investors divided as follows: Germany/Austria/Switzerland (39%), France (10%), Scandinavia (8%), Spain & Portugal (6%), Benelux (5%), United Kingdom & Ireland (2%) and others ( 5%).
In detail, the ranking of subscribers is as follows: banks (41%), investment funds (40%), official central and institutional banks (13%), insurance companies and pension funds.
Barclays, Commerzbank, Deutsche Bank, Société Générale and Unicredit acted as joint bookrunners, as well as UBI itself.
Finally, Monday the share on the stock exchange of Ubi Banca achieved the best performance of the entire Ftse Mib, recording a growth of 3,91%, to 2,393 euros.
