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Banca Ifis successfully completes €400 million 10-Year Tier 2 Bond issuance. Demand more than twice the offer
- Successfully completed the placement of a 10-year Tier 2 bond with a coupon of 4.546%, marking the lowest spread ever achieved for a Tier 2 bond in the Bank’s 40-year history.
- Strong demand for the issuance, which was largely subscribed by international investors, confirming Banca Ifis’s growing appeal beyond the domestic market.
Milan, January 13, 2026 – Banca Ifis has successfully completed the placement of a Tier 2 subordinated bond targeted at institutional investors. The bond has a 10-year maturity, expiring in April 2036, carries a coupon of 4.546%, and is callable after five years. The total amount issued is €400 million.
The offering attracted demand more than twice the amount issued, confirming the strong appeal of the Bank’s solid fundamentals among leading institutional investors both domestically and internationally. This result reflects investors’ confidence in Banca Ifis’s growth strategy, following the recent acquisitions of illimity Bank and Euclidea Sim.
At the close of the placement, the Bank recorded an issue price of 100%, equivalent to a spread of 200 basis points over the reference rate – the lowest spread ever achieved by Banca Ifis for a Tier 2 subordinated issuance. The transaction aims to replace existing subordinated bonds currently outstanding, issued by Banca Ifis and illimity Bank, and will generate significant medium-term savings in funding costs for the Banca Ifis Group.
The bond will be listed on the Luxembourg Stock Exchange, with expected ratings of Ba3 from Moody’s and BB- from Fitch. Barclays, Crédit Agricole CIB, IMI-Intesa Sanpaolo, NatWest, Santander, Société Générale, and UniCredit acted as joint bookrunners. Bonelli Erede provided legal counsel to Banca Ifis, while Clifford Chance advised the banks.
