Chicago, Jan. 16 – Mediobanca – Banca di Credito Finanziario SpA (Baa1/BBB/BBB) priced a €300 million offering of 5¼% subordinated tier 2 notes due 2034 (Ba1/BB+/BB+) on Monday, according to a market source and a press release.
The bonds priced at 99.645 to yield 5.335%, or at mid-swaps plus 275 basis points. Initial talk was in the 305 bps area.
The one-time reset date is April 22, 2029, when the coupon resets to mid-swaps plus the initial margin of 275 bps.
The notes are callable at par plus accrued interest in the three months preceding the reset date.
Citi (billing and delivery), BNP Paribas, Mediobanca, Santander and Societe Generale were the joint lead managers.
The notes will be listed on Dublin.
The issuer is an investment bank based in Milan.
| Issuer: | Mediobanca – Banca di Credito Finanziario SpA
|
| Amount: | €300 million
|
| Issue: | Subordinated tier 2 notes
|
| Maturity: | April 22, 2034
|
| Bookrunners: | Citi (billing and delivery), BNP Paribas, Mediobanca, Santander and Societe Generale
|
| Coupon: | 5¼% initial rate; resets April 22, 2029
|
| Price: | 99.645
|
| Yield: | 5.335%
|
| Spread: | Mid-swaps plus 275 bps, or Bunds plus 318.9 bps
|
| Call features: | Par call in three months before April 22, 2029 reset date
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 305 bps area
|
| ISIN: | IT0005580573
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