(Alliance News) - FinecoBank Spa announced on Thursday that it has placed a EUR500 million Additional Tier 1 bond, with demand about seven times the supply, or EUR3.45 billion.

The bond, 67 percent subscribed by asset managers and 17 percent by banks and private banks, pays a semi-annual coupon for the first 5.5 years of 7.5 percent -- with spread equal to 5.5-year mid-swap rate interpolated by plus 488.9 basis points -- compared with initial guidance of 8 percent. The deal's final spread is the lowest in the Italian landscape for this type of instrument since early 2023, thanks to overall demand of about seven times supply and credit quality.

BNP Paribas SA and UniCredit Spa acted as global coordinator and BNP Paribas, Morgan Stanley & Co. Ltd, UBS Europe SE and UniCredit Bank acted as joint bookrunners and joint lead managers.

FinecoBank's stock closed Monday up 0.7 percent at EUR12.94 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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