(Alliance News) - Intesa Sanpaolo Spa announced Tuesday that it has placed on the institutional market a perpetual Additional Tier 1 bond with a nominal amount of EUR1 billion, with a coupon of 7.00% payable semi-annually.

This is the Additional Tier 1 issue with the longest first call date-8 years-issued in the last three years in the euro market.

The issue raised orders of more than EUR2.5 billion already in the first two and a half hours after launch and peaked at nearly EUR4 billion when the order book was closed.

The robustness and granularity of the order book allowed the initial pricing indications-7.500 percent area-to be revised downward by about 50 basis points, narrowing above the average of similar transactions executed since the beginning of the year, the bank explained in a note.

By Claudia Cavaliere, Alliance News reporter

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