Banca IFIS, successful placement of its first Tier 2 subordinated bond

SDIR: REGEM

Inside information

Finance

Mestre (Venice), 10 October 2017 – Today Banca IFIS (rating Fitch BB+, outlook stable) has successfully completed the Placement of its first Tier 2 subordinated bond, for an amount much higher than expectations. The issue involves a Tier 2 subordinated bond, having a 10 year maturity callable after 5 years from the issue date for a total amount of 400 million Euro.

The bond pays a fixed rate coupon of 4.5% and has an issue price of 100%. The bond gathered strong demand, confirming high interest for the Group, attracting 120 institutional investors and orders for over 850 million Euro, allocated according to the following geographical breakdown: Italy (53%), UK & Ireland (32%), Switzerland (9%), Nordics (2%), Benelux (2%), other (2%). Allocation by type of investor is as follows: Fund Managers (75%) Banks & Private Banks (24%), other (1%).

The bond, which is reserved to institutional investors in Italy and abroad with the exclusion of the United States of America, is issued off Banca IFIS S.p.A. EMTN Programme and will be listed in the regulated EU market of the Irish Stock Exchange. Based on the subordinated status, the expected rating of bond is [BB] by Fitch. Nomura, UBS and Unicredit acted as joint bookrunners.

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