Chicago, Sept. 5 – BPER Banca SpA (Ba2//BBB-/DBRS: BBB (low)) priced €500 million of 5¾% six-year senior non-preferred notes (Ba1//BB+/DBRS: BBB low) on Monday, according to a market source.
The notes priced at 99.695 to yield 5.822%, or at mid-swaps plus 260 basis points.
Initial price talk was in the mid-swaps plus 285 bps area.
The notes are callable at par on Sept. 11, 2028, the reset date. The coupon will reset to Euribor plus a margin.
UBS (billing and delivery) and Deutsche Bank were the global coordinators for the Regulation S issue.
The joint bookrunners were BNP Paribas, IMI-Intesa Sanpaolo, JPMorgan and Mediobanca.
Proceeds will be used in the ordinary course of the issuer’s operations.
The issuer is a Modena, Italy-based provider of commercial and retail banking services.
| Issuer: | BPER Banca SpA
|
| Amount: | €500 million
|
| Issue: | Senior non-preferred notes
|
| Maturity: | Sept. 11, 2029
|
| Bookrunners: | UBS (billing and delivery), Deutsche Bank, BNP Paribas, IMI-Intesa Sanpaolo, JPMorgan and Mediobanca
|
| Coupon: | 5¾% initial rate; resets to Euribor plus margin on Sept. 11, 2028
|
| Price: | 99.695
|
| Yield: | 5.822%
|
| Spread: | Mid-swaps plus 260 bps
|
| Call features: | At par on Sept. 11, 2028
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody’s: Ba1
|
| Fitch: BB+
|
| DBRS: BBB (low)
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 285 bps area
|
| ISIN: | IT0005561243
|
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