Italian banking group Intesa Sanpaolo has launched a $1bn senior bond issued exclusively to qualified institutional buyers.
It is a five-year, fixed-rate bond issued under Intesa Sanpaolo’s recently established $15bn medium term notes program.
According to the company, the coupon, payable semiannually in arrears on August 12, and on February 12, of each year from and including August 12, 2011 up to the maturity date, is equal to 3.625% per annum. The yield to the maturity of the bond is equal to 3.653% per annum since the bond was issued at a discount issue price of 99.873%.
The issue is expected to settle on or about August 12, 2010. The bond will have minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
Banca IMI, Bank of America Securities, Citigroup Global Markets and JP Morgan Securities are the joint lead managers of the bond offering.