Finance

Banca Ifis expands its funding structure and launches its first Euro‑Commercial Paper (ECP) Programme

The multi‑currency, three‑year programme has a maximum amount of €1 billion and has already obtained a P‑3 rating from Moody’s. The notes will be offered exclusively to qualified investors.
This is Banca Ifis’s second funding‑optimization transaction in 2026, following the issuance of a ten‑year Tier 2 bond with the lowest spread in the Bank’s history and demand of more than twice the amount offered.

Mestre (Venice), 16 March – Banca Ifis is expanding the range of funding instruments available to the Bank by launching its first Euro‑Commercial Paper Programme (ECP Programme), aimed at placing short‑term debt exclusively with qualified investors. With this initiative, Banca Ifis confirms its ability to reach new categories of investors and to build flexible, short‑term funding solutions that enable the Bank to respond promptly to market needs.

The Banca Ifis ECP Programme has received a “P‑3” rating from Moody’s and has been structured in accordance with the criteria and requirements of the Market Convention on Short‑Term European Paper (STEP), obtaining the related STEP Label certification.

In detail, the ECP Programme has a three‑year term, a maximum aggregate amount of up to €1 billion, and allows for the issuance of notes denominated in both euro and US dollars. The commercial papers will have a minimum denomination of €100,000 (or the equivalent amount in USD) and a maximum maturity of 12 months. The notes will be issued in dematerialised form and held through Monte Titoli S.p.A.

Crédit Agricole Corporate and Investment Bank acted as Arranger, and Equita Sim acted as Co‑Arranger. Banco Santander, Banca Akros, Crédit Agricole Corporate and Investment Bank and Equita Sim acted as Dealers.

The launch of the first ECP Programme represents Banca Ifis’s second funding‑optimization transaction in 2026. On 13 January, the Bank successfully completed the issuance of a €400 million ten‑year Tier 2 bond (callable after 5 years) at the lowest spread in its history, generating demand of more than twice the amount offered.

For the establishment of the Programme, Banca Ifis was assisted by the law firm BonelliErede, while the Arranger and the Dealers were assisted by Clifford Chance.

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