BPER Banca (issuer rating Ba1/BB+/BBB) has successfully completed the placement of the inaugural fixed to floating Senior Non Preferred bond issue for an amount of 500 million euro, with a 5-year maturity and the possibility of early repayment (call) after 4 years, aimed at institutional investors.
The issuance follows a bookbuilding process that has attracted demand for over 2 billion from 200 investors globally. Thanks to this, the level initially communicated to the market of 400 bps above the 4-year mid-swap has been revised and set at 360 bps. Consequently, the annual coupon was set at 6.125%, with an issue/re-offer price of 99.847%.
The issue is part of the 2022 Funding Plan and is the first in Italy under the EMTN (Euro Medium Term Notes) program under centralized dematerialisation at Euronext Securities Milan. The expected ratings are as follows: Ba1 (Moody’s)/ BB (Fitch)/ BBB (low) (DBRS).
The bond will be listed on the Luxembourg Stock Exchange. The settlement date will be 12 December 2022. The initiative is part of the strategy to optimize BPER Banca’s capital structure announced in the 2022-25 Strategic Plan.