Bcc Banca Iccrea, parent company of BCCIccrea, has successfully concluded the placement of a new senior preferred social bond intended for institutional investors for an amount of 500 million euros and a maturity of 6 years.
The issue received orders for 3.5 billion euros, approximately 7 times the amount offered, from approximately 300 institutional investors globally.
83% of the orders allocated had an ESG connotation.
This is the third social issue of the group, the proceeds of which will be used to finance SMEs operating in economically disadvantaged areas, young entrepreneurs and female entrepreneurship.
Due to the interest received, the final spread level was equal to ms+180 bps (with a reduction of 45 bps compared to the initial launch conditions);
the annual coupon was therefore set at 4.250%.
The placement was handled, as joint bookrunners, by Mediobanca (arranger of the Emtn program), Equita, Natixis, Natwest Markets (B&D), Nomura, Santander and IccreaBanca itself.
"We are very satisfied with having successfully concluded this new funding operation on the institutional market", states Mauro Pastore, general director of the Bcc Iccrea group.
"The high demand - he adds - from investors is a further recognition of the validity of our strategy and our commitment to the benefit of the territory.
This new issue will further increase the already important resources that our mutual banks have at their disposal to continue to support, as per our DNA, local communities and reference territories".
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