MILAN (ITALPRESS) – Ifis Bank has successfully completed the placement of a subordinate Tier 2 bond loan for institutional investors. The issue lasted ten years, expiring in April 2036, has a coupon of 4.546% and can be recalled after 5 years. The amount issued is EUR 400 million. The offer of Banca Ifis has received a demand of more than twice as much as the amount issued, confirming the strong appeal that the levels of solidity of the institute collect with major institutional investors both domestic and international.
The result shows investor appreciation of the Bank Ifis development project, also following the recent acquisitions of Unlimity Bank and Euclidea Sim. In detail, at the end of the placement, the Bank recorded a 100% issue price, equivalent to a 200-point spread based on the reference rate: This is the least level of spread in the Bank’s history for a subordinate Tier 2. Today’s issue is aimed at replacing the other subordinate bonds currently circulating, issued by Banca Ifis and illimity Bank, and will generate significant savings in terms of cost of funding for the Banca Ifis Group in the medium term.
The bond issued today will be listed at the Luxembourg Stock Exchange, with an expected Ba3 rating by Moody’s and BB- by Fitch. In the operation, Banca Ifis took advantage of the support of Barclays, Crédit Agricole CIB, IMI-Intesa Sanpaolo, NatWest, Santander, Société Générale, UniCredit as joint bookrunners. Bonelli Erede provided legal assistance to Banca Ifis while Clifford Chance legally supported banks.
– photo press office Banca Ifis –
(ITALPRESS).
