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new issue INTESA SANPAOLO S.p.A. 2,855% April 2025 sub Tier2 isin XS1222597905

S

sescendemichiudo

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Oggetto: *** New INTESA SANPAOLO 10YR BULLET TIER 2 €€€€ - IPTs at MS+240bp Area ***

Issuer: INTESA SANPAOLO S.p.A.
Issuer Rating Baa2/BBB-/BBB+/ A (low)
Issue Rating (exp): Ba1/BB/BBB/ BBBH
Status of Notes: Dated Tier 2 Subordinated Notes (see Risk Factors -
EMTN documentation), RegS only bearer, TEFRA
Size: €Benchmark
IPT: MS+240 bp area
Settlement: [23] April 2015
Maturity: [23] April 2025
Coupon/Interest: Fixed rate, payable annually in arrears.
List/Denoms/Docs: Lux/€100k+1k/EMTN
Governing Law: English Law – subordination provisions are governed by
Italian law
Timing: Books open, Todays business


Non sembra male
 
sescendemichiudo ha scritto:
Oggetto: *** New INTESA SANPAOLO 10YR BULLET TIER 2 €€€€ - IPTs at MS+240bp Area ***

Issuer: INTESA SANPAOLO S.p.A.
Issuer Rating Baa2/BBB-/BBB+/ A (low)
Issue Rating (exp): Ba1/BB/BBB/ BBBH
Status of Notes: Dated Tier 2 Subordinated Notes (see Risk Factors -
EMTN documentation), RegS only bearer, TEFRA
Size: €Benchmark
IPT: MS+240 bp area
Settlement: [23] April 2015
Maturity: [23] April 2025
Coupon/Interest: Fixed rate, payable annually in arrears.
List/Denoms/Docs: Lux/€100k+1k/EMTN
Governing Law: English Law – subordination provisions are governed by
Italian law
Timing: Books open, Todays business


Non sembra male
Clicca per espandere...

YTM 2,9 a 10 anni LT2, non proprio entusiasmante.
Però suppongo che questa uscita sia il motivo per il quale oggi la 669 è debole, che peraltro è di gran lunga preferibile visto il rendimento.
 
a stringere 2,9% usciranno a 2,75%max
 
a spanne direi in linea con quanto già a mercato ...XS1109765005
 
io preferisco le unipol, senior

qua nn ci vedo alcuno sconto rispetto agli altri bond di casa isp

ciao
Andrea
 
nn ho mai visto isp fare una tender offer su bond retail..
 
In effetti e' in linea con questa sub intesa XS1109765005 che oggi infatti perde qualcosina
 
*** New INTESA SANPAOLO TIER 2 - Spread set at MS+240bps ***

- Spread set at MS+240bps

- Expected issue size €750mn

- Books will close at 1.30pm Ldn / 2.30pm CET



.....sembra che emettano 500 mln....
 
Ultima modifica:
*** Intesa 10y € T2 - Final Terms ***
- Final terms €500mm at ms+240
- Books closed around €650mm
- Allocations shortly; pricing this afternoon
- Banca IMI B&D
 
Apr 16 (Reuters) -Following are terms and conditions

of a bond priced on Thursday.

Borrower Intesa Sanpaolo S.p.A.

(Intesa Sanpaolo)

Issue Amount 500 million euro

Maturity Date April 23,2025

Coupon 2.855 pct

Issue price Par

Reoffer price Par

Reoffer yield 2.855 pct

Spread 240 basis points

Underlying govt bond Over the midswaps,equivalent to 276.7 bps

Over the 0.5 pct February 2025 DBR

Payment Date April 23,2015

Lead Manager(s) Banca IMI(B&D), Barclays & BofA Merrill Lynch

Ratings Baa2 (Moody's)

Listing Luxembourg

Full fees Undisclosed

Denoms (K) 100-1

Governing Law English Law - subordination provisions

are governed by Italian law

Notes Launched under issuer's EMTN programme

ISIN XS1222597905
 
otc

area 99,35..99,60



99,30...99,50
 
Ultima modifica:
Interessante ma non entusiasmante, mi sa che me la prendo lo stesso.
 
venduto btp italia 2023 a 100,45 e preso questa intesa a 99,70
saluti
 
rende sempre meglio la amort 669 che tra l'altro ha duration senza paragoni
 
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