New Issue: Italy's Intesa sells $2 billion 5.017% 10-year subordinated notes at 240 bps spread

By Aleesia Forni

Virginia Beach, June 20 – Intesa Sanpaolo SpA priced a $2 billion issue of 5.017% tier 2 subordinated notes (Ba1/BBB-/BBB) due 2024 at par to yield Treasuries plus 240 basis points, according to a market source.

The notes sold at the tight end of talk.

Banca IMI, Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and J.P. Morgan Securities LLC were the joint bookrunners.

The financial services company is based in Turin, Italy.

Issuer:	Intesa Sanpaolo SpA
Amount:	$2 billion
Description:	Tier 2 subordinated notes
Maturity:	June 26, 2024
Bookrunners:	Banca IMI, Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC
Coupon:	5.017%
Price:	Par
Yield:	5.017%
Spread:	Treasuries plus 240 bps
Trade date:	June 19
Settlement date:	June 26
Ratings:	Moody’s: Ba1
	Standard & Poor's: BBB-
	Fitch: BBB
Price talk:	Treasuries plus 245 bps area

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