Chicago, July 8 Banca Popolare di Sondrio SCpA sold 500 million of 1.25% six-year green notes at 99.783, according to multiple notices and a market source.
The Regulation S issue (//BB+/DBRS: BBB, low) is non-callable until July 13, 2026, which is also the rate reset date. The notes rate will reset to one-year mid-swaps plus a margin.
The notes priced with a mid-swaps plus 160 basis points spread. Talk was in the mid-swaps plus 180 bps area.
More than 100 accounts participated in the sale with books reaching 750 million.
The proceeds will be used to finance or refinance new and/or existing eligible green projects.
Joint lead managers of the deal are Banca Popolare di Sondrio, BNP Paribas, J.P. Morgan AG, Mediobanca, Raiffeisen Bank International and Societe Generale.
BNP Paribas and Mediobanca acted as green structuring advisers.
The lender is based in Sondrio, Italy.
| Issuer: | Banca Popolare di Sondrio SCpA
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| Issue: | Green notes
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| Amount: | 500 million
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| Tenor: | Six years
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| Bookrunners: | Banca Popolare di Sondrio, BNP Paribas, J.P. Morgan AG, Mediobanca, Raiffeisen Bank International and Societe Generale
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| Coupon: | 1.25%, converts to one-year mid-swaps plus a margin after July 13, 2026
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| Price: | 99.783
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| Spread: | Mid-swaps plus 160 bps
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| Call features: | Non-callable until July 13, 2026
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| Trade date: | July 7
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| Settlement date: | July 13
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| Ratings: | Fitch: BB+
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| DBRS: BBB (low)
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 180 bps area
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