Rating: A2/A/A+
Amount: Eu800m
Maturity: 10 March 2010
Issue price: 99.904
Fixed re-offer price: 99.857
Coupon: three month Euribor plus 12.5bp
Launch date: Friday 25 February
Payment date: 10 March
Joint books: Citigroup, Mediobanca
Joint lead: Banca Aletti
Bookrunner's comment:
Mediobanca — About 80% of the bonds were sold outside Italy. Around 8% went to the UK, Germany took 20% and the rest went elsewhere, including some to Asia.
The buyers were mostly banks, but there were some asset managers.
Verona has a 2008 deal at 14bp over and there is a 2011 at 18.5bp over Euribor.
There is also a Monte dei Paschi di Siena February 2010 at 14bp over and a Lombarda March 2011 at 21bp over.
The MPS issue is bigger, and Lombarda is more or less the same size, but there is nothing exactly comparable.
There is a lot of demand at the moment, and this kind of issuer is particularly sought after because it is single-A and there is demand for spread.
