Poste Italiane returns to the market with the launch of the issuance of senior unsecured bonds denominated in Euros and aimed at institutional investors, with a total nominal amount of 750 million euros implemented as part of the Euro Medium Term Notes (EMTN) program of 2.5 billion euros. Poste Italiane communicated this in a note, mentioning that «the issue was very well received, with demand for more than three times the securities offered and high interest from international investors especially those from France, Benelux, Germany and Austria».
The goal
This operation aims to diversify financing sources and expand the investor base. The proceeds from the new issuance will be used for general corporate purposes. The expected ratings for this issuance are Bbb+ from Standard and Poor’s (S&P), Baa2 from Moody’s, and BBB+ from Scope.
The main conditions of the issue are: total nominal value of 750 million euros; validity period: 5 years (3 December 2030); 3% annual coupon; issue price: 99.7940%; yield: 3.045%. The bond settlement date is scheduled for December 3, 2025, the date on which the bonds will be listed on the regulated market of the Luxembourg Stock Exchange and on the Mercato Telematico delle Obligazioni (Mot) of the Italian Stock Exchange.
The bonds were placed by a consortium of banks consisting of: Barclays, Bnp Paribas, BofA Securities, Citigroup, Crédit Agricole CIB, Deutsche Bank, Imi-Intesa Sanpaolo, ING, Mediobanca, Morgan Stanley, Société Générale and UniCredit, who acted as Joint Bookrunners. Deutsche Bank AG will act as payment agent.
