By Aleesia Forni
Virginia Beach, Jan. 8 - Intesa Sanpaolo SpA priced a $2.5 billion issue of senior notes (Baa2/BBB/BBB+) in two tranches, according to a market source.
The company sold $1.5 billion of 2.375% notes due 2017 with a spread of Treasuries plus 175 basis points, or 99.636 to yield 2.502%.
A $1 billion tranche of 5.25% 10-year notes was priced with a spread of Treasuries plus 240 bps.
The notes priced at 99.348 to yield 5.335%.
BofA Merrill Lynch, Credit Suisse Securities and J.P. Morgan Securities LLC were the joint bookrunners.
Proceeds will be used for general corporate purposes.
The financial services company is based in Turin, Italy.
| Issuer: | Intesa Sanpaolo SpA
|
| Issue: | Senior notes
|
| Amount: | $2.5 billion
|
| Joint bookrunners: | BofA Merrill Lynch, Credit Suisse Securities, J.P. Morgan Securities LLC
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 12
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
|
|
| Notes due 2017
|
| Amount: | $1.5 billion
|
| Maturity: | Jan. 13, 2017
|
| Coupon: | 2.375%
|
| Price: | 99.636
|
| Yield: | 2.502%
|
| Spread: | Treasuries plus 175 bps
|
| Price talk: | Treasuries plus 180 bps area
|
|
|
| Notes due 2024
|
| Amount: | $1 billion
|
| Maturity: | Jan. 12, 2024
|
| Coupon: | 5.25%
|
| Price: | 99.348
|
| Yield: | 5.335%
|
| Spread: | Treasuries plus 240 bps
|
| Price talk: | Treasuries plus 245 bps area
|
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