DBRS assigns A Intesa Sanpaolo

DBRS assigned A (high) ratings to the series 45 and 46 obbligazioni bancarie garantite, or the Italian legislative covered bonds, issued under the Intesa Sanpaolo SpA €50 billion covered bonds program. ISP OBG Srl guarantees the program.

Each series is a €1.35 billion floating-rate bond linked to three-month Euribor plus a spread of 0.24% for series 45 and 0.26% for series 46. Series 45 matures in August 2036 and series 46 in February 2037. As with all the program’s other series, each will benefit from a 12-month maturity extension.

Concurrently, DBRS discontinued its A (high) ratings on series 17 and 18, repaid early on Jan. 14.

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