New Issue: Italian bank Intesa Sanpaolo sells $2.5 billion of notes in two parts

By Cristal Cody

Tupelo, Miss., July 11 – Intesa Sanpaolo SpA (Baa1/BBB-) priced $2.5 billion of notes in two tranches on Monday on the tight side of guidance, according to a market source.

The Italian bank sold $1.25 billion of 3.125% five-year notes at a spread of Treasuries plus 123 basis points.

The company priced $1.25 billion of 3.875% 10-year notes at a Treasuries plus 153 bps spread.

BofA Merrill Lynch, IMI, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Intesa Sanpaolo is a banking company based in Turin, Italy.

Issuer:	Intesa Sanpaolo SpA
Amount:	$2.5 billion
Description:	Notes
Bookrunners:	BofA Merrill Lynch, IMI, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
Trade date:	July 10
Ratings:	Moody’s: Baa1
	S&P: BBB-
Five-year notes
Amount:	$1.25 billion
Maturity:	July 14, 2022
Coupon:	3.125%
Spread:	Treasuries plus 123 bps
Price guidance:	Treasuries plus 125 bps area, plus or minus 2 bps
10-year notes
Amount:	$1.25 billion
Maturity:	July 14, 2027
Coupon:	3.875%
Spread:	Treasuries plus 153 bps
Price guidance:	Treasuries plus 155 bps area, plus or minus 2 bps

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