Intesa Sanpaolo launches 1 bln euros Lower tier 2 bond
MILAN, May 15 (Reuters) - Italian bank Intesa Sanpaolo (ISP.MI: Quote, Profile, Research) said on Thursday it had launched a 1 billion euros subordinated Lower tier 2 eurobond targeted to international markets.
It said in a statement the bond was a 10-year, fixed rated bond, callable after five years, with a coupon of 5.75 percent.
"Such coupon will step up by 60 basis points on 28 May 2013, if the early redemption option is not exercised by the Issuer," Intesa Sanpaolo said in the statement.
It said the re-offer price was 99.704 percent. The yield is 138 basis points over 5 years mid swap rate.
Settlement is due on or about May 28.
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