Chicago, Sept. 19 – Banca Popolare di Sondrio SpA priced €500 million of 5½% green senior preferred notes with a five-year tenor (//BB+/DBRS: BBBL) on Tuesday, according to a market source.
The notes priced at 99.839 to yield 5.546%, or at mid-swaps plus 210 basis points. Initial price talk put the notes in the mid-swaps plus 225 bps area.
There are four years of call protection. The notes have a one-time par call option on Sept. 26, 2027.
Intesa Sanpaolo is the global coordinator.
IMI - Intesa Sanpaolo (billing and delivery), Banca Popolare di Sondrio SpA, BNP Paribas, Citi, Deutsche Bank, Santander and UniCredit are the joint bookrunners.
Proceeds will be allocated for use on eligible green projects.
The final book size was above €670 million.
The lender is based in Sondrio, Italy.
| Issuer: | Banca Popolare di Sondrio SpA
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| Amount: | €500 million
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| Issue: | Green senior preferred notes
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| Maturity: | Sept. 26, 2028
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| Bookrunners: | IMI - Intesa Sanpaolo (billing and delivery), Banca Popolare di Sondrio SpA, BNP Paribas, Citi, Deutsche Bank, Santander and UniCredit
|
| Coupon: | 5½% initial rate, resets Sept. 26, 2027 to the one-year mid-swap rate plus a reset margin
|
| Price: | 99.839
|
| Yield: | 5.546%
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| Spread: | Mid-swaps plus 210 bps, or Bunds plus 272 bps
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| Call features: | At par on Sept. 26, 2027
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| Trade date: | Sept. 19
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| Settlement date: | Sept. 26
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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 225 bps area
|
| Marketing: | Investor calls
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| ISIN: | XS2695047659
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