Chicago, Jan. 12 – Iccrea Banca SpA priced €500 million of 6 7/8% social senior preferred notes with a five-year tenor (BB+/BB-) on Thursday, according to a market source.
The notes priced at par, at mid-swaps plus 404.5 basis points.
Initial price talk was in the 7 1/8% area.
The notes are callable at par on Jan. 20, 2027. If the notes are not redeemed, the coupon will reset to Euribor plus 404.5 bps.
BNP Paribas, Goldman Sachs International, Iccrea Banca, IMI-Intesa Sanpaolo (billing and delivery), Mediobanca and Santander are the joint bookrunners.
Demand was over €750 million.
Proceeds will be used for eligible social assets.
Iccrea Banca is a regional provider of financial services in Italy.
| Issuer: | Iccrea Banca SpA
|
| Amount: | €500 million
|
| Issue: | Senior preferred notes
|
| Maturity: | Jan. 20, 2028
|
| Bookrunners: | BNP Paribas, Goldman Sachs International, Iccrea Banca, IMI-Intesa Sanpaolo (billing and delivery), Mediobanca and Santander
|
| Coupon: | 6 7/8%; resets to Euribor plus 404.5 bps on Jan. 20, 2027 if not called
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | Mid-swaps plus 404.5 bps
|
| Call features: | Par call on Jan. 20, 2027
|
| Trade date: | Jan. 12
|
| Settlement date: | Jan. 20
|
| Ratings: | S&P: BB+
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 7 1/8% area
|
| ISIN: | XS2577533875
|
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