Ratings and debt programmes

Sources of financing

At 31 December 2020, the funding structure presented a part of 55.2% due to customers.

During the first quarter, just before the outbreak of the health emergency, an additional senior preferred bond was placed for a notional amount of 400 million in addition to the four instruments already present in the Bank’s liabilities at the end of 2019. The senior bond issued in 2017, repaid in May, reached maturity in the third quarter. It is also worth noting the subscription in June 2020 of a TLTRO III tranche with a nominal value of 1.9 billion euro with maturity June 2023.

Funding (million Euro)

Sources of financing

31.12.2020

4Q19

3Q19

2Q19

Customer deposits

5,472

5,286

5,257

5,069

Bonds

1,100

1,068

972

954

Factoring Securization

969

1,150

1,090

1,148

TLTRO

1,995

792

694

694

Other

372

167

220

88

TOTAL

9,908

8,463

8,233

7,953

Rating Fitch

Fitch Rating Inc. assigns to the Company a Long-term Issuer Default Rating (IDR) of ‘BB+’, outlook negative.

For more details, please see the ratings agency’s press release, available at the site www.fitchratings.com.

Fitch

Outlook

M/L Termine

24 June 2020

Negative

BB+

Fitch

Francesca Vasciminno
Email: francesca.vasciminno@fitchratings.com

EMTN brochures

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Other prospectuses and documents

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