Chicago, Sept. 13 – BPER Banca SpA priced a €400 million offering of subordinated tier 2 notes due Jan. 20, 2033 (Ba2//BB-/DBRS: BB (high)) on Tuesday, according to a market source.
The notes start with an 8 5/8% coupon that resets starting Jan. 20, 2028. The reset rate will be based on the euro five-year mid-swap rate plus 620.6 basis points.
Initial price talk was in the 9% area, or at 665 bps over mid-swaps.
The notes priced without a discount to yield 8.644%.
The issuer may redeem the notes at par from Oct. 20, 2027 to Jan. 20, 2028.
The joint lead managers are Barclays, BNP Paribas, Citi, Mediobanca, Santander, Societe Generale (billing and delivery).
The issuer is a Modena, Italy-based provider of commercial and retail banking services.
| Issuer: | BPER Banca SpA
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| Amount: | €400 million
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| Issue: | Tier 2 subordinated notes
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| Maturity: | Jan. 20, 2033
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| Bookrunners: | Barclays, BNP Paribas, Citi, Mediobanca, Santander, Societe Generale (billing and delivery)
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| Coupon: | 8 5/8% starting rate, resets to mid-swaps plus 620.6 bps starting Jan. 20, 2028
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| Price: | Par
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| Yield: | 8.644%
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| Spread: | Mid-swaps plus 620.6 bps
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| Call features: | Callable at par from Oct. 20, 2027 to Jan. 20, 2028
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| Trade date: | Sept. 13
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| Settlement date: | Sept. 20
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| Ratings: | Moody’s: Ba2
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| Fitch: BB-
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| DBRS: BB (high)
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| Distribution: | Regulation S
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| Price talk: | 9% area, or mid-swaps plus 665 bps
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| ISIN: | XS2534908889
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